Published on 11/24/2020 in the Prospect News Emerging Markets Daily.
New Issue: Peru prices $4 billion global bonds due 2032, 2060, 2121
By Marisa Wong
Los Angeles, Nov. 24 – The Republic of Peru priced $4 billion of global bonds in three tranches on Monday, according to FWP filings with the Securities and Exchange Commission.
Peru priced $1 billion of 1.862% bonds due 2032 at par, $2 billion of 2.78% bonds due 2060 at 98.855 to yield 2.828% and $1 billion of 3.23% bonds due 2121 at 98.586 to yield 3.278%.
BBVA Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Itau BBA USA Securities, Inc. and Morgan Stanley & Co. LLC are joint lead managers and joint bookrunners for the SEC-registered deal.
As previously reported, proceeds will be used to finance expenditures relating to the prevention and containment of Covid-19, as well as for the stimulation of the economy and for expenditures in the 2020 budget that were affected by the reduction in income resulting from the pandemic.
| Issuer: | Republic of Peru
|
| Issue: | Global bonds
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| Amount: | $4 billion
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| Bookrunners: | BBVA Securities Inc., Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, Itau BBA USA Securities, Inc. and Morgan Stanley & Co. LLC
|
| Pricing date: | Nov. 23
|
| Settlement date: | Dec. 1
|
| Distribution: | SEC registered
|
|
|
| 2032 bonds
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| Amount: | $1 billion
|
| Maturity: | Dec. 1, 2032
|
| Coupon: | 1.862%
|
| Price: | Par
|
| Yield: | 1.862%
|
| Spread: | 100 bps over 7/8% U.S. Treasury due Nov. 15, 2030
|
| Call features: | Make-whole call at Treasuries plus 15 bps prior to Sept. 1, 2032; par call after that
|
|
|
| 2060 bonds
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| Amount: | $2 billion
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| Maturity: | Dec. 1, 2060
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| Coupon: | 2.78%
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| Price: | 98.855
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| Yield: | 2.828%
|
| Spread: | 125 bps over 1 3/8% U.S. Treasury due Aug. 15, 2050
|
| Call features: | Make-whole call at Treasuries plus 20 bps prior to June 1, 2060; par call after that
|
|
|
| 2121 bonds
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| Amount: | $1 billion
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| Maturity: | July 28, 2121
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| Coupon: | 3.23%
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| Price: | 98.586
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| Yield: | 3.278%
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| Spread: | 170 bps over 1 3/8% U.S. Treasury due Aug. 15, 2050
|
| Call features: | Make-whole call at Treasuries plus 30 bps prior to Jan. 28, 2121; par call after that
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