Peru Files Bond Shelf

Peru has registered a shelf with the SEC to sell up to $5bn in debt securities. The document does not give any indication of when a first issue might come. After undertaking a non-deal road show in December and January with JPMorgan and Goldman Sachs, many in the market had thought a benchmark-size issue would follow recent benchmark issues from Mexico, Brazil, and Colombia. Peru’s finance minister has communicated that there is demand for at least $600m in dollar bonds, the amount bankers not on the roadshow expect the sovereign to target. In October, Peru was contemplating a 30-year cross-border bond issue of $400m-$600m, its first international foray since a $1.2bn sale of 6.55% 2037 bonds in March 2007 via Deutsche and Citi. DCM specialists say it will be lucky to get anywhere near 30 years in this market for size.