![Successful CAF US$250 million issue Successful CAF US$250 million issue](/media/29046/emision_bonos.gif)
Successful CAF US$250 million issue
CAF’s Executive President, Enrique García, stated that this “issue is due to the CAF’s permanent presence in the most demanding international scenarios. In fact, the Corporation issued more than US$1.2 billion on the international bond markets in 2004 and 2005.” He also pointed out that the issue was taken up by investors from many different parts of the world, from the United States, Europe, Asia, and Latin America. The lead bank was Crédit Suisse and the co-managers were Citigroup, HSBC, Merrill Lynch, and Morgan Stanley.
In addition, in June this year, the CAF floated an issue of securities to the value of 215 billion bolivars (equivalent to US$100 million) on the Venezuelan market, so making the CAF the first multilateral agency to issue in that country since 1976; it also issued bonds to the value of 248 million new soles (approximately US$75 million) in Peru at the end of May.The purpose of the CAF bond issues on international markets is to obtain funds to finance major projects, in line with CAF’s mission of supporting integration and the expansion of production in the public and private sectors of its member countries.
Lastly, García made a point of the fact that the Corporation’s financial strategy has been based on reducing costs and diversifying and broadening fund-raising sources on international financial markets, and that, today, it is acknowledged as one of the most competitive Latin American issuers in terms of rates and time to maturity obtained on its issues, having made 51 bond issues to date.The CAF has been granted ratings by the four most prestigious risk-rating agencies: Moody’s Investor Service (A1), Standard & Poor’s (A), Fitch Ratings (A+), and JCR (AA-). The agencies comment that they have taken into account the sustained growth in the institution’s capitalization and its continuous profitability and efficient financial performance, as well as the immunities and privileges it enjoys thanks to its legal structure as an international entity.
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The amount represents the largest international facility ever undertaken by Sicredi, with the involvement of four internationally renowned entities: Banco Finantia, BNP Paribas, Eco.business Fund, and Sumitomo Mitsui Banking Corporation (SMBC). The funds raised can also be used in regions with a Human Development Index below the national average.![CAF-FAO: Digitization project for agribusiness with repository launch CAF-FAO: Digitization project for agribusiness with repository launch](/media/4669830/caf-fao.png)
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The Food and Agriculture Organization of the United Nations (FAO), CAF -development bank of Latin America and the Caribbean-, the Ministry of Agriculture, Land and Fisheries and the Tobago House of Assembly celebrated the successful completion of the “Digitization and Innovation for the Competitiveness and Sustainability of the Agribusiness Sector in Trinidad and Tobago” project. The closing ceremony, that took place on the 29th of July, marked a significant milestone in the country's efforts to modernize and enhance the agricultural sector.![CAF recognizes Panama's water potential in the face of climate change CAF recognizes Panama's water potential in the face of climate change](/media/4669780/2_cuencas_hidro_caf_.jpg)