Cofide Revives Bond Issue

Peru’s development bank Cofide could roadshow its long-awaited $500m 144a/RegS 10-year as soon as December, though January may be a more realistic option, say officials at the development bank. The deal has been on the backburner since Ollanta Humala’s victory in the June elections left much uncertainty about how the newly elected left-wing president would steer the economy. Now with those concerns somewhat assuaged, Cofide is ready to move forward after completing talks with auditors. Officials see a final spread of 150bp over the sovereign as acceptable, though tighter pricing would be better. Deutsche Bank and JPMorgan have been mandated on the trade.