Cabei Makes Rare Dollar Bond Outing

Cabei has sold $500m in 2014 bonds, upsizing from the $300m first announced. The Central American development bank – more accustomed to funding in fringe currencies like Costa Rican Colones and Taiwanese dollars – priced at par with a 5.375% coupon to yield US Treasuries plus 300bp. Bankers managing the transaction declined to disclose the book size on Cabei’s first issue in USD since 2005. Barclays and Citi managed the sale, rated A2/A minus. Bank officials have indicated that Cabei plans to issue in Colombian pesos and Taiwanese dollars before year-end.