‘Canny’ CAF delivers Eu400m before China shuts window

Corporacion Andina de Fomento (CAF), the Andean development bank, got its first fixed rate euro bond away this week just before Asian anxieties closed the primary market to emerging market names. Bookrunners BNP Paribas and HSBC priced the Eu400m 4.625% seven year bond to yield 4.694% and saw it trade up slightly after launch on Monday.