Cabei Lands Swiss Debut

Cabei has raised CHF150m through its first bond sale in Swiss francs. Cabei priced the 2013 bond at 100.440 with a 2.250% coupon to yield 2.235%, or mid-swaps plus 150bp, tight to 155bp guidance. “Given the current market conditions, this was a successful transaction,” Felix Magana, treasurer of Cabei tells LatinFinance. He adds that this is consistent with the bank’s long-term strategy to diversify and grow its investor base. Credit Suisse managed the transaction, rated A minus/A2. Cabei will seek to issue before the end of the year in a Central American market, he says, but has not decided on which yet. Last month it raised CRC11bn ($21.6m) in 7-year bonds in Costa Rica’s local market. Cabei plans to return to Asia in the early part of next year, Magana says, likely revisiting one or more of the markets it has issued in previously, which include Japan, Hong Kong, Taiwan, Thailand and Singapore. It has been a tricky week for Latin issuers, with banks including Banco BVA and Bradesco postponing deals. The market was still waiting for word as to whether Andean multilateral CAF would proceed with a euro-denominated transaction.