Lima Targets International DCM

The City of Lima is planning to raise funds in the international bond markets, Mayor Susana Villaran says, likely in May or June. The plan is for a sale of up to PES500m ($174m), to help with a PES7bn public works agenda. Citi has been hired to manage. The BBB minus rated issuer has not issued internationally, according to Dealogic data. A recent attempt to recall the mayor through a referendum is not expected to impede the capital expenditure program, as most of the major programs have already been approved and financed, Fitch says in a report. However, if the mayor’s party is unable to retain its majority in the city council, it could force the compromise with opponents to approve future policies.