Peru

Peruvian fresh food exporter Camposol tightened pricing on its new bond by well over 50bp from initial price thoughts on Tuesday as bankers said the price discovery exercise had exceeded expectations.

Peruvian food producer Camposol is lining up a new bond with credit ratings improved after a corporate reorganisation. Camposol is hoping to have better luck with market conditions after suffering cruel timing on two previous attempts to print bonds back in 2018.

Peru will buy back a portion of local currency bonds maturing next year after nearly a third of the holders of the notes agreed to participate in a tender offer, bringing the sovereign’s latest liability management exercise to a close.

It is less than two months since one of the most serious constitutional crises in Peru’s history, yet on Thursday the sovereign sold Sl10bn ($2.96bn) of new local currency debt at record low yields.

Latin America equity and bond investors have been left to consider the cost of political volatility in Peru, after the relationship between the country’s president Martín Vizcarra and its congress completely broke down on Monday.

Interbank showed off the prowess of Peruvian issuers in international bond markets on Thursday as it topped up a dollar deal from the previous day with a nuevo sol tranche.

Peruvian lender Interbank issued $400m of bonds to buy back existing debt on Wednesday, and may also price global local currency notes.

Banco de Crédito del Perú (BCP) could raise over $1bn-equivalent of dollar and nuevo sol denominated bonds in international markets as it looks to fund a buy-back of senior debt.

Swiss firm responsAbility Investments has closed a $175m microfinance CLO via JP Morgan, revitalising an industry which last saw issuance before the financial crisis.

Peruvian holding company Intercorp Peru issued more debt than initially intended on Wednesday after notching a heavily oversubscribed order book in its first international trade since 2015.

Latin American borrowers continue to make up for lost time amid encouraging issuance conditions as debt capital markets bankers say a few more could sneak through to primary markets before the August break.

Peruvian holding company Intercorp Peru is looking to tap bond investors for dollar and nuevo sol denominated funding as it seeks to refinance existing bonds and invest in its subsidiaries.