![Successful US$150-million issue of Condor bonds Successful US$150-million issue of Condor bonds](/media/29120/bonos_generica.jpg)
Successful US$150-million issue of Condor bonds
The Andean Development Corporation (CAF) today made a successful issue of Andean Condor bonds in a placement for US$150 million with a four-year term and variable interest rate. The lead bank is BBVA and the issue is registered in Lima, Quito, Guayaquil and Luxembourg.
The issue finally reached US$150 million following demand in the market of more than double the initial figure of US$100 million. The Condor bond is aimed at Andean investors. especially financial institutions and pension funds.
CAF President & CEO Enrique García said he was very pleased with the issue. “It contributes to strengthening local markets in the Andean region, which is one of the Corporation’s objectives.” He added that the operation allowed the diversification of investment portfolios into highly rated securities such as the paper of multilateral organizations, fact that was underscored by Moody’s recent upgrading of the risk rating.
This is the second time that CAF has made an issued of this type. Condor bonds were first placed by the institution in 2003 as an incentive for the creation of alternative investments in the region, and to satisfy demand from public and private financial institutions including mutual funds, pension funds and insurance companies.
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