CAF Opens The Year With Its 100th International Bond Issue
CARACAS, Venezuela, Jan. 18, 2013 /PRNewswire/ -- "This year CAF celebrates its 20th consecutive year in the global capital markets, where the bank has established a distinguished track record, obtaining more than 90% of its financial resources from investors outside of Latin America. With the support of these global investors, CAF has been able to concentrate its efforts on helping to generate economic development in the bank's member countries and to promote Latin American integration," declared CAF president Enrique Garcia, as he announced the 100 th bond issue in the history of the development bank of Latin America.
The sale of the bonds, which come due in 2021 and bear an annual interest rate of 1.375%, raised 250 million Swiss francs (approx. US $272 million). The bonds carry the lowest interest rate and have the longest term of any bonds CAF has sold in the Swiss market. CAF is the most frequent Latin American issuer in Switzerland, one of the world's most exclusive financial markets, to which only institutions with the highest credit ratings have access. Credit Suisse was the issuing bank for the sale.
Garcia added that CAF attracts a lot of interest from international investors "as a result of the bank's solid and consistent financial performance throughout its history, which is attributable to the unwavering support of its shareholder countries, the bank's prudent credit policies, and its independence, all of which together, make CAF a trusted issuer in the most prestigious global markets."
CAF, which belongs to a select group of Latin American issuers in global capital markets, plays a catalytic role by attracting international funds, which are used to support economic development opportunities in the region.
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