Metro de Lima Bonds In High Demand

The consortium for the Metro de Lima Linea 2 project raised US$1.155 billion in proceeds from the sale of 19-year bonds priced at 5.875%, for which demand grew to above US$2.5 billion. Described as the largest P3 financing to date in Peru, and the project as the most ambitious concession in Latin America, the 144 A/Reg S bonds were rated Baa1. U.S. investors bought 53% of the issue, Latin Americans bought 30%, and Europeans purchased the remaining 17%. Citibank, Morgan Stanley and Banco Santander were global coordinators of the bond sale. Astris Finance was the consortium’s financial advisor.


About Bill Reinhardt

Editor of Public Works Financing newsletter
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