Peru Tweaks Local Curve

Peru has launched a domestic debt exchange that aims to push shorter-term bonds out to 2020. In an offer expiring today, the government is offering to repurchase 4 series of domestic bonds due 2011, 2012, 2016 and 2017, in exchange for up to PES3.27bn ($1.16bn) of its 2020 domestic bond. The latter was reopened at a price of 119.58, the finance ministry says. The sovereign has been active on the liability management front in 2010, highlighted by an April $1.8bn swap of dollar bonds maturing in the next few years for 2033 notes. There is no bank on the deal, as is common in Peru’s domestic exchanges.