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Peru Sells $2.5 Billion of Sol Bonds, May Issue More This Year

PERU
  • Peru tapped global investors for the first time in 2023 yesterday, raising $2.5 billion through a sustainability bond to buy back existing sovereign debt and finance government spending. The bond was launched at a yield of 7.35%, slightly below the initial guidance of 7.7%.
  • Sol-denominated notes due in 2024 rose more than 0.6 cents on the sol Wednesday to 99.9 cents, the most since November, according to indicative pricing data by Bloomberg.
  • Peru could issue more local currency bonds as soon as this year after raising 9.2 billion soles ($2.5 billion) on Tuesday, Finance Minister Alex Contreras said.
  • “It’s going to depend a lot on the market, if we find a window like this one,” Contreras said in an interview. “Going forward we don’t have budget needs, but if the market allows it we could raise more.”
  • Contreras added that Peru would use the funds raised in soles to swap local currency bonds with near-term maturities and buy back dollar-denominated bonds with cash. “We are trying to reverse the dollarization trend of the past few years,” he added.
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