CAF Makes Yen Stop

CAF has followed Mexico into the Samurai market, raising JPY14.4bn from Japanese institutional investors in a deal not guaranteed by JBIC. The Venezuela-based multilateral lender, an experienced issuer in Japan, priced a JPY9.8bn 2014 at par with a 1.56% coupon to yield yen Libor plus 110bp, in line with 100bp-120bp guidance. A JPY4.6bn 2015 came at par with a 1.82% coupon to yield yen Libor plus 130bp, in line with 120bp-140bp guidance. Mizuho and Nomura managed the sale, rated A+. CAF raised $74m equivalent from 2014 bonds in its previous Japanese sale in May. Mexico raised JPY150bn in 2020 bonds this week via a JBIC-backed deal, also through Mizuho and Nomura. Panama is set to hit the Japanese market next year, through Daiwa and Mitsubishi.