CAF Tops up 2016

Regional development bank Corporacion Andina de Fomento (CAF) raised a $500m Thursday through a retap of its 3.75% January 15 2016s. The bond was priced at 100.858 to yield 3.542% or UST+180bp, with Credit Suisse and Goldman Sachs acting as leads. The bond was originally issued in July last year for a $600m size and priced at 99.396 to yield 3.873% or 210bp over. On that occasion, Credit Suisse and HSBC brought the deal to market with intention of adding a new benchmark at the shorter-end of its dollar curve. The issuer is rated A1/A+/A+.