Fourth bond issue in Switzerland announced
CAF confirmed as the most frequent Latin American issuer in this exclusive market
(Special, October 14, 2011).- CAF - Latin American development bank - announced a new bond issue in Switzerland, reaffirming its position as the most frequent Latin American issuer in that market. The placement was for 125 million Swiss francs (approximately US$140 million) maturing in 2017, which is the longest-term issue made in Switzerland by the institution.
In a difficult environment for global markets, CAF was able to increase the amount of the issue, which had initially been announced for 100 million Swiss francs, due to heavy demand from more than 40 investors, mainly banks, insurance companies, and pension funds. The transaction was led by Credit Suisse and Deutsche Bank.
Enrique Garcia, president & CEO of the multilateral financial institution, said "this is the fourth placement by CAF on the Swiss market, one of the most exclusive markets which only issuers with the highest credit ratings can access.”
"With this operation we become the most frequent Latin American issuer in this market, with four operations concluded and three bonds in force simultaneously" the head of the institution added. "The operation reflects the quality of CAF’s credit."
The financial strength shown over the years, based on support from shareholders, prudent management of credit policies and independence, have made CAF the most frequent issuer in Latin America with the best risk ratings.
The Latin American financial institution has achieved a unique position internationally raising about 90% of its funds from outside the region, mainly on global capital markets.
CAF uses these funds to focus its strategy for action on the socioeconomic development of its 18 shareholder countries.
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