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PERU: Finance Minister Says Some Petroperu Board Members Willing To Continue

PERU
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  • Petroperu’s dollar bonds rallied yesterday, with notes maturing 2047 up almost 3 cents, following the confirmation that the finance ministry will take responsibility for debt payments due in the second half of this year. The move comes following the resignation of the board last week amidst ongoing liquidity concerns at the company. Yesterday, Finance Minister Arista said that the government would decide the future of the board, with three of the resigning members willing to continue.
  • On the data front, no major domestic releases are due until September CPI inflation on Oct 1, which comes ahead of the next BCRP monetary policy meeting on October 10. Last week, the BCRP delivered the expected 25bp cut to 5.25%, and signalled a willingness to ease further, albeit with potential pauses along the way.
    • For a full review of the meeting, with analyst views, see here. 
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  • Petroperu’s dollar bonds rallied yesterday, with notes maturing 2047 up almost 3 cents, following the confirmation that the finance ministry will take responsibility for debt payments due in the second half of this year. The move comes following the resignation of the board last week amidst ongoing liquidity concerns at the company. Yesterday, Finance Minister Arista said that the government would decide the future of the board, with three of the resigning members willing to continue.
  • On the data front, no major domestic releases are due until September CPI inflation on Oct 1, which comes ahead of the next BCRP monetary policy meeting on October 10. Last week, the BCRP delivered the expected 25bp cut to 5.25%, and signalled a willingness to ease further, albeit with potential pauses along the way.
    • For a full review of the meeting, with analyst views, see here.