New market for CAF bonds in United Kingdom
As part of its strategy to attract new competitive funds into the region and following visits to investors in the United Kingdom, the Andean Development Corporation (CAF) opened a new market for its placements of international bonds with an issue valued at 175 million pounds sterling (US$270 million) with a term of eight years.
The CAF executive president, Enrique García, said he was satisfied with this first issue in this important sterling market in which long-term institutional investors predominate.
The issue by the multinational financial institution has a coupon rate of 7.625%, one of the most competitive in this market.
The CAF strategy in international capital markets is designed to diversify currencies and markets to bring fresh money into the region for financing major development programs.
The multinational lender recently issued 100 million euros at two years under the European Medium-Term Note (EMTN) program which allows operations in several currencies up to US$500 million.
The CAF also doubled its commercial paper program in the United States from $500 million to $1 billion to obtain financing from institutional investors that operate in this market on terms up to 365 days at very competitive costs.
All these operations reaffirm the Corporation’s catalytic role in raising funds on international markets and its standing as the most competitive Latin American issuer in relation to the rates and terms obtained. The Corporation’s creditworthiness is also evidenced in its risk ratings which are the best in Latin America: "A" from Standard and Poor's and Fitch, and "A2" from Moody's.
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