Peru Terms Out $1.8bn in Bonds

Peru has agreed to exchange $1.80bn in outstanding global bonds for $1.26bn in reopened 8.75% of 2033 notes and $500m cash, it says, following the conclusion of an exchange offer launched last week. The sovereign had offered to swap $3.36bn in outstanding 2012, 2014, 2015 and 2016 bonds, for the 2033s or cash capped at $500m. Following the offer, there are $312.2m outstanding in the 9.125% of 2012 dollar notes, EUR290.7m in 7.500% of 2014 euro notes, 278.5m in 9.875% of 2015 dollar notes and $581.1m in 8.375% of 2016 in dollars. Barclays and HSBC managed the transaction.