Andean Region Fixed Income Weekly nd€¦ · 2 06 de Marzo de 2015 Informe Diario de Cierre LOCAL VIEW: COLOMBIA BanRep raised its benchmark key rate on 25 bps to 6.5% on Friday,

1

Informe Diario de Cierre

Andean Region Fixed Income Weekly March 22nd 2016

What‘s inside

Colombia update: Following our expectations, BRep hiked repo rates 25bps.....................................P. 2

Peru update: Local bonds still benefiting from less risk aversion………...……………………………….........P. 2

Trade Idea: Overweight ECOPET ‘25 Vs. Underweight ECOPET ‗18...…..……………………………..…..…....P. 3

Trade Idea: Overweight IFHBH ‗25 Vs. Underweight PERU ‗25….....….………………………………...…….....P. 3

Andean corporate news…………………………………………………………………..………………………….………….… P. 4

What-to watch: Economic and Corporate calendar next week…………………………………………….………. P. 4

Indicative prices……………………………………………………………………………………………………………..…..…… P.P 5-8

Local View: Colombia

BanRep raised its benchmark key rate on 25 bps to 6.5%.

Central Bank stays data dependent.

Local View: Peru

USD and PEN sovereign curves still benefiting from less risk aversion, though with more moderate gains

than previous weeks.

Local bonds supported by improved expectations on short term macro fundamentals, but fiscal risks re-

main, as deficit will continue increasing in 2Q16.

Trade Idea 1: Overweight ECOPET ‘25 Vs. Underweight ECOPET ‘18

We recommend to entry at current spread levels, as our base-line scenario depicts the continuation of

WTI movement to $42, benefiting long-term bonds (target spread: 265 bps).

Trade Idea 2: Overweight IFHBH ‘25 Vs. Underweight PERU ‗25

We expect current spread to tighten back towards its 1Y average (253 bps), as IFHBH ‗25‘s YTM shows

additional room to fall further than Peru ‗25.

Andean Region — Fixed Income

2

06 de Marzo de 2015


LOCAL VIEW: COLOMBIA

BanRep raised its benchmark key rate on 25 bps to 6.5% on Friday, just as expected by

the market. Are we there yet? The end is near? The statement fails to give us an idea,

but some interesting thoughts were shared by Governor Uribe and FinMin Cardenas in

the Q&A session.

Jose D. Uribe:

Decision wasn‘t unanimous.

Slowdown in demand hasn‘t been as fast as expected by BanRep

Risk of slowing income is moderate

Sees as a positive sign that inflationary expectations remain stable and implied

inflation in government bonds has tightened.

Mauricio Cardenas:

Rate increases have been effective, demand is cooling down, economy is in ―soft

landing‖ mode.

Idea for him is that should BanRep continue this steady path in monetary policy.

Gains in COP will help to curb inflation.

Average in oil price is close to what the government has estimated for the year.

Coming into this meeting, we expected that this was the last hike by BanRep in this cy-

cle. We don‘t change our stance on this, as we believe COP, Brent will keep improving

for the upcoming weeks, helping curb inflation, but at the same time, weaker consumer

confidence and industrial production ex-Reficar, will keep showing weakness.

LOCAL VIEW: PERU

The USD sovereign curve continued its downtrend in the last week, still benefiting from

less risk aversion towards EM assets from global and local investors. However, even

though the short and long end of the curve maintained this trend, bonds in the mid term

appreciated to a lesser extent, signaling that they may be approaching fairer values.

Following the USD curve, the sovereign benchmark curve in PEN has made a similar par-

allel move, though milder than previous weeks.

The long end of curves still may be reflecting better inflation expectations for the medi-

um term (near the desired level the Central Bank has as an anchor).

Despite Jan16 GDP below expectations, we remain modestly optimistic about economic

activity‘s continuing recovery in 1S16. Coupled with expectations of more moderate PEN

depreciation in 2Q16, this could provide support to PEN and USD fixed income.

Main risks to valuations are, in the very short term, a reversal of global risk preference;

and in the short to medium term, fiscal balance deterioration in 2016 (in part due to the

current election cycle).


Central Bank hiked its

repo rates as expected

Decision was not unani-

mous

Central Bank stays data

dependence

We expected that this

was the last hike by

BanRep

USD and PEN sover-

eigns still appreciating,

though milder

Local bonds supported

by expectations of im-

proved macro funda-

mentals, but fiscal risks

remain

3

06 de Marzo de 2015


TRADE IDEA

Overweight ECOPET ‗25 Vs. Underweight ECOPET ‗18

Current spread between Ecopetrol ‘25 and Ecopetrol ‘18 is 301

bps. We recommend to entry to the spread at current levels be-

cause our base-line scenario depicts the continuation of WTI move-

ment to $42, benefiting long-term bonds.

Target Spread: 265 bps.

If spread widens above 320 bps, we recommend to close the trade.

More about:

ECOPET 4⅛ 01/16/2025 Bloomberg: EK2885771 <Corp>

ECOPET 4¼ 09/18/2018 Bloomberg: EJ8282794 <Corp>

Overweight IFHBH ‗25 Vs. Underweight PERU ‗25

With spread currently at 296 bps, we expect it to tighten back to-

wards its 1Y average (253 bps), as IFHBH ‗25‘s YTM shows addi-

tional room to fall further than Peru ‗25.

If spread widens above 316 bps, we suggest to close the trade.

More about:

IFHBH 5 ⅞ 02/12/25 Bloomberg: EK738913 <Corp>

Ideas tracking record

We recommend closing: the following ideas:

OW Colom ‘33 Vs UW Colom ‘24 to cash in 10 bps.

OW DAVIVI ‗22 Vs UW BCOLO ‗22 to cash 57 bps.

Source: Bloomberg, Calculated by AdCap Colombia and Peru

06 de Marzo de 2015


Low: 130.9

High: 361.3

Ave: 253.2

100

150

200

250

300

350

400

Ma

r-1

5

Ap

r-1

5

Ap

r-1

5

Ma

y-1

5

Ma

y-1

5

Jun

-15

Jun

-15

Jun

-15

Jul-1

5

Jul-1

5

Au

g-1

5

Au

g-1

5

Se

p-1

5

Se

p-1

5

Oct-

15

Oct-

15

No

v-1

5

No

v-1

5

De

c-1

5

De

c-1

5

De

c-1

5

Jan

-16

Jan

-16

Fe

b-1

6

Fe

b-1

6

Ma

r-1

6

Ma

r-1

6

Ba

sis

Po

ints

Average 1 year


2

3

4

5

6

7

8

9

Jun

-15

Jul-1

5

Jul-1

5

Au

g-1

5

Au

g-1

5

Se

p-1

5

Se

p-1

5

Oct-

15

Oct-

15

Oct-

15

No

v-1

5

No

v-1

5

De

c-1

5

De

c-1

5

Jan

-16

Jan

-16

Fe

b-1

6

Fe

b-1

6

Ma

r-1

6

Ma

r-1

6

Yie

ld t

o M

atu

rity

(%

)

ECOPET 25 ECOPET 18

2

3

4

5

6

7

8

9

Jun

-15

Jul-1

5

Jul-1

5

Au

g-1

5

Au

g-1

5

Se

p-1

5

Se

p-1

5

Oct-

15

Oct-

15

Oct-

15

No

v-1

5

No

v-1

5

De

c-1

5

De

c-1

5

Jan

-16

Jan

-16

Fe

b-1

6

Fe

b-1

6

Ma

r-1

6

Ma

r-1

6

Yie

ld t

o M

atu

rity

(%

)

IFHBH 25 PERU 25

Low: 130.9

High: 361.3

Ave: 253.2

100

150

200

250

300

350

400

Ma

r-1

5

Ap

r-1

5

Ap

r-1

5

Ma

y-1

5

Ma

y-1

5

Jun

-15

Jun

-15

Jun

-15

Jul-1

5

Jul-1

5

Au

g-1

5

Au

g-1

5

Se

p-1

5

Se

p-1

5

Oct-

15

Oct-

15

No

v-1

5

No

v-1

5

De

c-1

5

De

c-1

5

De

c-1

5

Jan

-16

Jan

-16

Fe

b-1

6

Fe

b-1

6

Ma

r-1

6

Ma

r-1

6

Ba

sis

Po

ints

Average 1 year

4

06 de Marzo de 2015


06 de Marzo de 2015


This report is delivered for information only and does not constitute an offer or sale of securities nor shall it be construed or interpreted by any person as a solicitation to effect, or

attempt to effect transactions in securities. Further, this report does not make any representation or warranty, express or implied, as to the advisability of investing in any securities.

None of the entities or individuals named herein will be liable to any person for any reliance on this report when making or omitting to make any investment decision, or when taking or

omitting to take any action which has legal consequences.

CORPORATE NEWS LAST WEEK

(PACIFIC EXPLORATION) The company said it chose not to make an interest payment due March 28, mak-

ing it the first Toronto-listed Oil and Gas company in the last year to delay a payment. The company, due

to make a $25.6-million interest payment next Monday, said it was working with debt holders to restruc-

ture debt. The company has a 30-day grace period.

COLOMBIA PRODUCED AN AVERAGE OF 955,000 BARRELS OF CRUDE OIL PER DAY IN FEBRUARY. The

output was down 7.28 percent from the year before. Government did not give a reason for the decline.

State-run Ecopetrol produces more than one-half of Colombia's oil, while Toronto-listed Pacific Exploration

and Production Corp is the biggest private player.

(ECOPETROL) DEUTSCHE BANK DOWNGRADES ECOPETROL SA TO HOLD: Previously, the analysts had a

Buy rating on the shares.

COLOMBIAN REBEL ATTACKS HALT ECOPETROL PIPELINE: Ecopetrol said two rebel bomb attacks halted

pumping operations in the Caño-Limón Coveñas oil pipeline – the second most important pipeline in the

country. Ecopetrol didn‘t say when operations would resume.

MOODY‘S REAFFIRMED SOUTHERN COPPER MINING CORPORATION‘S CREDIT RATING OF BAA2, WITH A

NEGATIVE OUTLOOK, based on the fact that weakening commodity prices, the Tía María prospective start

and the Toquepala copper expansion project may affect its short term financial performance to a greater

extent than expected. On the other side, Moody‘s highlighted the company‘s competitive costs and copper

reserves, among others positive aspects.

ALICORP S.A.A. ISSUED AAA-LOCALLY RATED, PEN-DENOMINATED BONDS IN THE LOCAL MARKET, AIMED

AT REFINANCING SHORT-TERM LIABILITIES AND EXTENDING ITS MATURITY PROFILE. The company placed

two issuances for a combined PEN 230.2 million (PEN 70.3 million, tenor of 3 years, fixed coupon rate of

6.84375%; and PEN 159.9 million, tenor of 7 years, fixed coupon rate of 7.81250%).

(VOLCAN) THE ZINC PRODUCER RELEASED RESULTS OF ITS 2015 DRILLING PROGRAM AT ITS CHUNGAR

OPERATING UNIT, STATING THAT IT WAS SUCCESSFUL, to the extent that it demonstrated the continuity

and excellent mineralization of the Animon Mine (guaranteeing the richness of one of its key assets).

WHAT-TO-WATCH. ECONOMIC AND CORPORATE CALENDAR


Date Country US Eastern Time Event Period Expected Previous

23/03/2016 COL Car Sales Nov 21349

28/03/2017 COL Retail Trade Conf idence Feb 19.5

Industrial Conf idence Feb 5.3

Current Account Trade Balance 4Q -5255m

31/03/2017 COL Unemployment Rate Feb 11.90%

Urban Unemployment Feb 12.30% 14.10%

5

06 de Marzo de 2015


COLOMBIA—Indicative prices

Source: Reuters; Bloomberg, calculated by Ad Cap Colombia.

06 de Marzo de 2015


AV

ALC

B 1

7

AV

ALC

B 2

2

BA

NB

OG

17

BA

NB

OG

23

BC

OLO

17

BC

OLO

20

BC

OLO

21

BC

OLO

22

DA

VIV

I 1

8

DA

VIV

I 2

2GN

BS

UD

18

GN

BS

UD

22

GR

UP

OS

21

SU

AM

SA

24

BA

NG

AN

25

EC

OP

ET 1

8

EC

OP

ET 1

9 EC

OP

ET 2

3

EC

OP

ET 2

5

EC

OP

ET 2

6

EC

OP

ET 4

3

EC

OP

ET 4

5

OC

EN

SA

21

EE

BC

B 2

1

EE

BC

B 2

2

EE

PP

ME

19

TE

LE

FO

2

2

1

2

3

4

5

6

7

8

9

10

0 2 4 6 8 10 12

Yie

ld t

o M

atu

rity

(%

)

Duration

Financials

Oil & Gas

Utilities

Airlines

CO

LOM

45

CO

LOM

44

CO

LOM

41

CO

LOM

37

CO

LOM

33

CO

LOM

28

CO

LOM

27

CO

LOM

4 2

4C

OLO

M 2

3

CO

LOM

8.1

25

24

CO

LOM

21

CO

LOM

20

CO

LOM

19

CO

LOM

17

1

2

3

4

5

6

7

8

0 5 10 15

Yie

ld t

o M

atu

rity

(%

)

Duration

Daily Week ly 3M YDT

AVALCB 5.25 17 102.125 0.00% 0.57% -0.37% 0.27%

AVALCB 4.75 22 93.625 0.00% 2.72% 4.43% -0.60%

BANBOG 5 17 101.75 0.00% 0.00% 0.00% 0.39%

BANBOG 5.375 23 97.375 0.00% 0.80% 2.18% 0.13%

BCOLO 6.875 17 104 0.00% -0.10% 0.48% -0.48%

BCOLO 6.125 20 106 0.00% 0.76% 2.42% 3.41%

BCOLO 5.95 21 107.438 0.00% 1.14% 4.28% 4.31%

BCOLO 5.125 22 100 0.00% -0.50% 4.85% 3.63%

DAVIVI 2.95 18 99.75 0.00% 0.10% 1.94% 0.25%

DAVIVI 5.875 22 99 0.00% -0.74% 5.04% -1.93%

GNBSUD 3.875 18 97.55 0.00% -1.86% 3.64% 0.10%

GNBSUD 7.5 22 97.75 0.00% -1.64% -2.24% -3.22%

GRUPOS 5.7 21 103.759 0.00% 0.00% 2.23% -1.04%

SUAMSA 4.875 24 100.5 0.00% 0.78% 4.15% -1.47%

BANGAN 4.875 25 95.05 0.00% -0.42% 3.60% -0.73%

ECOPET 4.25 18 102.5 0.00% 3.02% 3.95% 1.79%

ECOPET 7.625 19 110.789 0.00% 2.46% 5.18% 2.11%

ECOPET 5.875 23 98.65 0.00% 4.50% 9.44% 5.31%

ECOPET 4.125 25 84.75 0.44% 2.45% 10.06% 5.61%

ECOPET 5.375 26 91.75 0.00% 6.69% 13.98% 5.46%

ECOPET 7.375 43 92.365 0.00% 7.99% 15.84% 9.73%

ECOPET 5.875 45 79 0.00% 7.12% 13.28% 10.10%

OCENSA 4 21 93 0.00% 0.95% 4.49% -4.12%

PRECN 5.375 19 19 0.00% 18.75% 58.33% -15.56%

PRECN 7.25 21 19.5 0.00% 34.48% 37.23% 8.33%

PRECN 5.125 23 19.5 0.00% 22.83% 60.82% 5.41%

PRECN 5.625 25 19.5 0.00% 23.81% 60.82% -3.94%

EEBCB 6.125 21 104.1 0.00% -0.29% 3.74% 2.06%

EEBCB 5.7 22 101 0.00% -0.74% 4.43% 0.00%

EEPPME 7.625 19 112.8 0.00% 0.16% 1.85% 0.31%

TELEFO 5.375 22 89.94 0.00% 0.99% 4.70% -3.81%

TELEFO 8.5 49 81.75 0.00% 2.90% 3.48% -5.49%

PFAVHC 8.375 20 79.2 0.00% 0.00% 0.92% 21.38%

Total Return (%)Corporate Price


COLOM 5 45 94.178 -0.27% 6.76% 13.25% 12.04%

COLOM 5.625 44 100.577 -0.27% 6.19% 12.47% 9.92%

COLOM 6.125 41 106.188 -0.24% 6.01% 12.16% 9.18%

COLOM 7.375 37 118.915 -0.37% 4.93% 10.60% 7.36%

COLOM 10.375 33 144.36 -0.48% 4.16% 6.73% 3.73%

COLOM 11.85 28 169.833 0.00% 3.11% 6.90% 5.34%

COLOM 8.375 27 125.5 0.00% 6.35% 7.72% -0.20%

COLOM 8.125 24 125.69 0.11% 2.40% 5.18% 4.05%

COLOM 4 24 100.543 -0.18% 2.72% 5.66% 5.38%

COLOM 2.625 23 93.3 -0.22% 2.66% 5.34% 5.66%

COLOM 4.375 21 104.523 -0.15% 1.94% 3.54% 3.82%

COLOM 11.75 20 131.278 -0.07% 1.29% 2.19% 1.57%

COLOM 7.375 19 113.6 -0.04% 0.79% 1.74% 1.32%

COLOM 7.375 17 104.903 0.07% -0.01% -0.08% -0.42%

COLOM 8.66 16 103.908 -0.05% -0.10% -0.36% -0.97%

COLOM 8.7 16 100.253 0.00% 0.00% 0.00% -2.05%

Total Return (%)Colombia Gov USD Price

-5.0%

-4.0%

-3.0%

-2.0%

-1.0%

0.0%

1.0%

2.0%

Weekly Total Return

-1.0%0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%

Weekly Total Return


6

06 de Marzo de 2015


Source: Bloomberg, Calculated by Ad Cap Colombia.

06 de Marzo de 2015


COLOMBIA—Indicative prices


COLTES 7.75 30 93.025 -0.78% 2.18% 7.63% 4.71%

COLTES 6 28 78.962 0.00% 0.00% 5.03% 1.07%

COLTES 7.5 26 93.499 0.00% 0.77% 4.90% 1.85%

COLTES 10 24 111.69 -0.41% 1.39% 4.96% 1.35%

COLTES 7 22 95.917 -0.18% 1.37% 4.66% 0.55%

COLTES 11 20 112.702 0.00% 0.90% 3.15% 0.28%

COLTES 7 19 98.894 0.00% 0.67% 2.82% 0.51%

COLTES 5 18 94.9 -0.17% 0.29% 2.01% 0.44%

COLTES 11.25 18 109.081 0.00% 0.08% 1.47% -0.46%

COLTES 5.5 16 6.272 0.00% 0.00% -1.54% 1.93%

COLTES 7.25 16 100.139 -0.03% -0.06% -0.09% -0.35%

Total Return (%)Colombia Gov Cop Price

CO

LTES

28

CO

LTES

30

CO

LTES

26

CO

LTES

24

CO

LTES

22

CO

LTES

20

CO

LTES

19

CO

LTES

5 1

8

CO

LTES

11

.25

18

CO

LTES

5.5

16

CO

LTES

7.2

5 1

6

5.5

6.5

7.5

8.5

9.5

10.5

0 2 4 6 8

Yie

ld t

o M

atu

rity

(%

)

Duration

Daily Week ly 3M YTD Rate Type Date Type Moody's S&P Fitch

COLTES 7.75 30 Government TITULOS DE TESORERIA B 93.025 8.60 7.97 86.81 -5.65 5.02 10.97 0 7.75 FIXED 1/14/2015 9/18/2030 AT MATURITY Unsecured 3,947,116,237,000$ Baa2 BBB+ BBB+

COLTES 6 28 Government TITULOS DE TESORERIA B 82.628 8.33 7.44 81.06 -8.65 -8.65 0.19 -5.317 6 FIXED 4/28/2012 4/28/2028 AT MATURITY Sr Unsecured 10,392,929,512,000$ Baa2 BBB+ BBB+

COLTES 7.5 26 Government TITULOS DE TESORERIA B 94.483 8.30 6.64 82.97 -5.32 -3.95 3.67 0 7.5 FIXED 9/20/2011 8/26/2026 AT MATURITY Sr Unsecured 8,933,631,537,000$ Baa2 BBB+ BBB+

COLTES 10 24 Government TITULOS DE TESORERIA B 111.69 8.01 5.40 81.87 -0.24 0.10 -0.99 0 10 FIXED 3/19/2009 7/24/2024 AT MATURITY Sr Unsecured 21,544,007,378,000$ Baa2 BBB+ BBB+

COLTES 7 22 Government TITULOS DE TESORERIA B 95.917 7.86 4.50 78.84 -18.71 -21.64 -25.50 0 7 FIXED 5/9/2012 5/4/2022 AT MATURITY Sr Unsecured 11,922,060,218,000$ Baa2 BBB+ BBB+



COLTES 5 18 Government TITULOS DE TESORERIA B 94.9 7.15 2.36 55.98 -9.50 -9.63 -23.69 0 5 FIXED 11/21/201211/21/2018AT MATURITY Unsecured 10,232,573,000,000$ Baa2 BBB+ BBB+

COLTES 11.25 18 Government TITULOS DE TESORERIA B 108.87 7.33 2.16 72.09 -12.34 -11.16 -4.68 17.167 11.3 FIXED 4/9/2008 10/24/2018AT MATURITY Sr Unsecured 12,990,825,000,000$ Baa2 BBB+ BBB+

COLTES 5.5 16 Government TITULOS DE TESORERIA B 99.673 6.60 0.26 -18.17 8.17 8.17 27.81 -3.538 5.5 FIXED 7/1/2014 7/1/2016 AT MATURITY Unsecured 4,226,079,980,000$ Baa2

COLTES 7.25 16 Government TITULOS DE TESORERIA B 100.14 6.45 0.22 -10.87 10.50 28.18 34.12 0 7.25 FIXED 11/27/20096/15/2016 AT MATURITY Sr Unsecured 20,648,934,000,000$ Baa2 BBB+ BBB+

COLTES 4.75 35 Government TITULOS DE TESORERIA B 104.67 4.38 11.97 -219.48 -411.9 4.75 FIXED 3/2/2016 4/4/2035 AT MATURITY Unsecured 2,150,000,000$

COLTES 3 33 Government TITULOS DE TESORERIA B 85.946 4.17 12.26 -242.50 -16.37 -29.50 -70.52 -433.2 3 FIXED 6/5/2013 3/25/2033 AT MATURITY Unsecured 28,463,899,844$ Baa2 BBB+ BBB+

COLTES 3.5 25 Government TITULOS DE TESORERIA B 94.919 4.18 7.36 -158.65 -9.54 -9.54 -27.65 -393.8 3.5 FIXED 5/7/2014 5/7/2025 AT MATURITY Sr Unsecured 11,805,410,240$

COLTES 4.75 23 Government TITULOS DE TESORERIA B 106.12 3.73 5.84 -166.38 -0.32 -29.15 -59.15 -415.8 4.75 FIXED 1/17/2007 2/23/2023 AT MATURITY Sr Unsecured 59,721,479,960$ Baa2 BBB+ BBB+

COLTES 3.5 21 Government TITULOS DE TESORERIA B 98.441 3.85 4.45 -128.81 -9.67 -9.67 -13.87 -370.4 3.5 FIXED 3/10/2011 3/10/2021 AT MATURITY Sr Unsecured 42,809,252,556$ Baa2 BBB+ BBB+

COLTES 3.5 19 Government TITULOS DE TESORERIA B 101.97 2.82 2.79 -211.64 -25.69 -25.69 -46.12 -443.1 3.5 FIXED 1/8/2014 4/17/2019 AT MATURITY Sr Unsecured 27,997,288,627$ #N/A N/A BBB+ BBB+

COLTES 4.25 17 Government TITULOS DE TESORERIA B 102.72 1.84 1.08 -294.69 -7.62 -6.54 37.38 -488.8 4.25 FIXED 4/26/2010 5/17/2017 AT MATURITY Sr Unsecured 51,302,069,920$ Baa2 BBB+ BBB+

MdurVar Z-Spd (bps) Coupon Maturity RatingColombia Gov

COPIndustry Issuer Price YTW

Spd

o/SovZ-Spd Issue Date Rank Amount (USD MM)


COLOM 5 45 Government REPUBLIC OF COLOMBIA 94.18 5.40 14.63 328.65 0.97 -41.98 -100.49 -38.13 270.7 5 FIXED 1/28/2015 6/15/2045 CALLABLE Sr Unsecured 2,500,000,000$ Baa2 BBB BBB

COLOM 5.625 44 Government REPUBLIC OF COLOMBIA 100.58 5.58 13.86 350.55 2.66 -39.01 -99.34 -26.82 297.6 5.63 FIXED 1/28/2014 2/26/2044 CALLABLE Sr Unsecured 2,500,000,000$ Baa2 BBB BBB

COLOM 6.125 41 Government REPUBLIC OF COLOMBIA 106.19 5.66 12.89 360.53 2.55 -40.95 -103.89 -26.87 315.43 6.13 FIXED 10/20/20091/18/2041 AT MATURITY Sr Unsecured 2,500,000,000$ Baa2 BBB BBB

COLOM 7.375 37 Government REPUBLIC OF COLOMBIA 119.01 5.81 11.58 380.88 2.80 -38.25 -103.71 108.5 344.07 7.38 FIXED 9/19/2006 9/18/2037 AT MATURITY Sr Unsecured 1,818,400,000$ Baa2 BBB BBB

COLOM 10.375 33 Government REPUBLIC OF COLOMBIA 144.37 6.12 9.28 417.07 -0.05 -44.07 -90.84 79.53 387.72 10.4 FIXED 1/28/2003 1/28/2033 AT MATURITY Sr Unsecured 340,511,000$ Baa2 BBB BBB

COLOM 11.85 28 Government REPUBLIC OF COLOMBIA 169.83 4.31 7.73 250.09 -6.46 -40.32 -111.06 226.25 11.9 FIXED 3/17/2000 3/9/2028 AT MATURITY Sr Unsecured 9,210,000$ BBB BBB

COLOM 8.375 27 Government REPUBLIC OF COLOMBIA 125.5 5.27 7.50 314.38 -40.72 -118.56 -156.91 -199.3 292.32 8.38 FIXED 2/24/1997 2/15/2027 AT MATURITY Sr Unsecured 74,292,000$ Baa2 BBB BBB

COLOM 8.125 24 Government REPUBLIC OF COLOMBIA 125.69 4.35 6.09 273.50 -6.33 -35.60 -104.78 76.73 252.29 8.13 FIXED 1/21/2004 5/21/2024 AT MATURITY Sr Unsecured 1,000,000,000$ Baa2 BBB BBB

COLOM 4 24 Government REPUBLIC OF COLOMBIA 100.54 3.92 6.53 233.13 0.72 -32.28 -98.02 57.28 215.21 4 FIXED 9/26/2013 2/26/2024 CALLABLE Sr Unsecured 2,100,000,000$ Baa2 BBB BBB

COLOM 2.625 23 Government REPUBLIC OF COLOMBIA 93.303 3.73 6.26 218.40 1.54 -35.61 -100.00 49.96 200.97 2.63 FIXED 1/29/2013 3/15/2023 CALLABLE Sr Unsecured 1,000,000,000$ Baa2 BBB BBB

COLOM 4.375 21 Government REPUBLIC OF COLOMBIA 104.52 3.43 4.67 206.30 0.69 -34.28 -94.07 42.41 197.73 4.38 FIXED 7/12/2011 7/12/2021 AT MATURITY Sr Unsecured 2,000,000,000$ Baa2 BBB BBB

COLOM 11.75 20 Government REPUBLIC OF COLOMBIA 131.28 3.18 3.26 191.43 -8.01 -42.56 -106.58 19.65 189.71 11.8 FIXED 2/25/2000 2/25/2020 AT MATURITY Sr Unsecured 796,059,000$ Baa2 BBB BBB

COLOM 7.375 19 Government REPUBLIC OF COLOMBIA 113.6 2.59 2.70 144.08 -6.79 -30.74 -98.99 23.24 149.07 7.38 FIXED 1/13/2009 3/18/2019 AT MATURITY Sr Unsecured 2,000,000,000$ Baa2 BBB BBB

COLOM 7.375 17 Government REPUBLIC OF COLOMBIA 104.9 1.41 0.81 44.49 -34.73 -32.03 -75.31 -26.46 65.671 7.38 FIXED 7/27/2006 1/27/2017 AT MATURITY Sr Unsecured 1,650,000,000$ Baa2 BBB BBB

COLOM 8.66 16 Government REPUBLIC OF COLOMBIA 103.91 1.17 0.50 -0.91 -51.26 -60.53 -100.68 25.366 8.66 FIXED 10/7/1996 10/7/2016 PUTABLE Sr Unsecured 75,427,000$ Baa2 BBB BBB

Colombia Gov

USDIndustry Issuer Price YTW Mdur

Spd

o/SovIssue Date Rank Amount (USD MM)Z-Spd

Var Z-Spd (bps) Coupon Maturity Rating



AVALCB 5.25 17 Financial GRUPO AVAL LTD 102.13 2.68 0.82 189.09 -3.21 -70.06 7.50 -68.55 210.32 5.25 FIXED 2/1/2012 2/1/2017 AT MATURITY Sr Unsecured 600,000,000$ Ba1 BBB

AVALCB 4.75 22 Financial GRUPO AVAL LTD 93.625 5.95 5.47 450.64 1.58 -38.60 -92.70 62.08 434.24 4.75 FIXED 9/26/2012 9/26/2022 AT MATURITY Sr Unsecured 1,000,000,000$ Ba1 BBB

BANBOG 5 17 Financial BANCO DE BOGOTA SA 101.75 2.76 0.77 198.61 24.66 32.06 0.74 -32.24 220.49 5 FIXED 12/19/20111/15/2017 AT MATURITY Sr Unsecured 600,000,000$ Baa2 BBB+ BBB-

BANBOG 5.375 23 Financial BANCO DE BOGOTA SA 97.375 5.84 5.63 436.91 1.47 -4.23 -54.47 42.43 417.35 5.38 FIXED 2/19/2013 2/19/2023 AT MATURITY Subordinated 500,000,000$ Ba1 BBB

BCOLO 6.875 17 Financial BANCOLOMBIA SA 104 3.32 1.09 249.19 -2.94 5.92 -74.96 -4.189 266.21 6.88 FIXED 5/25/2007 5/25/2017 AT MATURITY Subordinated 199,512,000$ Ba1 BBB

BCOLO 6.125 20 Financial BANCOLOMBIA SA 106 4.58 3.76 335.62 0.77 -10.27 -81.22 -48.19 332.33 6.13 FIXED 7/26/2010 7/26/2020 AT MATURITY Subordinated 620,000,000$ Ba1 BBB

BCOLO 5.95 21 Financial BANCOLOMBIA SA 107.44 4.33 4.39 301.95 1.03 -15.55 -111.32 -51.5 293.44 5.95 FIXED 10/27/20116/3/2021 AT MATURITY Sr Unsecured 995,643,000$ Baa2 BBB+

BCOLO 5.125 22 Financial BANCOLOMBIA SA 100 5.12 5.42 368.83 1.39 19.09 -102.13 -19.06 352.57 5.13 FIXED 9/11/2012 9/11/2022 AT MATURITY Subordinated 1,424,513,000$ Ba1 BBB

DAVIVI 2.95 18 Financial BANCO DAVIVIENDA SA 99.75 3.09 1.77 215.72 -2.96 0.64 -116.26 11.92 225.86 2.95 FIXED 1/29/2013 1/29/2018 AT MATURITY Sr Unsecured 500,000,000$ Baa3 BBB BBB-

DAVIVI 5.875 22 Financial BANCO DAVIVIENDA SA 99 6.07 5.11 465.28 1.40 24.43 -109.71 86.12 449.57 5.88 FIXED 7/9/2012 7/9/2022 AT MATURITY Subordinated 500,000,000$ Ba2 BBB-

GNBSUD 3.875 18 Financial BANCO GNB SUDAMERIS SA 97.55 5.12 1.95 415.63 1.36 102.85 -182.67 37.42 424.12 3.88 FIXED 5/2/2013 5/2/2018 AT MATURITY Sr Unsecured 300,000,000$ Ba1 WD

GNBSUD 7.5 22 Financial GNB SUDAMERIS BANK SA 97.75 7.96 4.89 654.90 1.41 43.28 27.91 112.1 637.54 7.5 FIXED 7/30/2012 7/30/2022 AT MATURITY Subordinated 250,000,000$ B1 WD

GRUPOS 5.7 21 Financial GRUPOSURA FINANCE 103.76 4.86 4.35 355.64 8.17 8.17 -62.72 47.95 347.24 5.7 FIXED 5/18/2011 5/18/2021 AT MATURITY Sr Unsecured 300,000,000$ BBB- BBB

SUAMSA 4.875 24 Financial SUAM FINANCE BV 100.5 4.80 6.46 323.01 1.42 -2.62 -76.04 66.22 304.31 4.88 FIXED 4/17/2014 4/17/2024 AT MATURITY Sr Unsecured 500,000,000$ Baa1 BBB+

BANGAN 4.875 25 Financial BBVA COLOMBIA SA 95.05 5.58 7.03 394.16 1.53 14.81 -62.62 62.08 374.73 4.88 FIXED 4/21/2015 4/21/2025 AT MATURITY Subordinated 400,000,000$ Baa3 BBB

ECOPET 4.25 18 Energy ECOPETROL SA 102.5 3.19 2.33 217.24 0.34 -118.88 -179.93 -43.93 224.66 4.25 FIXED 9/18/2013 9/18/2018 AT MATURITY Sr Unsecured 350,000,000$ Baa2 BBB BBB

ECOPET 7.625 19 Energy ECOPETROL SA 110.79 4.11 2.92 299.69 -0.03 -75.25 -193.01 -46.98 302.74 7.63 FIXED 10/2/2009 7/23/2019 AT MATURITY Sr Unsecured 1,496,855,000$ Baa2 BBB BBB

ECOPET 5.875 23 Energy ECOPETROL SA 98.65 6.10 5.95 458.82 1.43 -64.66 -166.35 -36.7 438.92 5.88 FIXED 9/18/2013 9/18/2023 AT MATURITY Sr Unsecured 1,300,000,000$ Baa2 BBB BBB

ECOPET 4.125 25 Energy ECOPETROL SA 84.75 6.42 7.03 479.36 -4.57 -24.73 -147.74 -22.56 460.78 4.13 FIXED 9/16/2014 1/16/2025 AT MATURITY Sr Unsecured 1,200,000,000$ Baa2 BBB BBB

ECOPET 5.375 26 Energy ECOPETROL SA 91.75 6.49 7.53 479.12 1.52 -76.89 -186.14 -21.95 458.33 5.38 FIXED 6/26/2015 6/26/2026 CALLABLE Sr Unsecured 1,500,000,000$ Baa2 BBB BBB

ECOPET 7.375 43 Energy ECOPETROL SA 92.365 8.07 11.12 608.79 1.83 -65.45 -152.74 -38.79 547.82 7.38 FIXED 9/18/2013 9/18/2043 AT MATURITY Sr Unsecured 850,000,000$ Baa2 BBB BBB

ECOPET 5.875 45 Energy ECOPETROL SA 79 7.69 11.82 567.56 1.91 -52.57 -120.18 -39.4 503.07 5.88 FIXED 5/28/2014 5/28/2045 AT MATURITY Sr Unsecured 2,000,000,000$ Baa2 BBB BBB

OCENSA 4 21 Energy OLEODUCTO CENTRAL SA 93 5.59 4.45 428.24 -0.11 -11.28 -109.26 136.8 420.75 4 FIXED 5/7/2014 5/7/2021 AT MATURITY Sr Unsecured 500,000,000$ Baa3 BBB

PRECN 5.375 19 Energy PACIFIC EXPLORATION AND 19 87.55 1.57 8650.30 51.80 -944.96 -2591.33 1216 8654.5 5.38 FLAT TRADING11/26/20131/26/2019 CALLABLE Sr Unsecured 1,300,000,000$ Ba3 B+ BB

PRECN 7.25 21 Energy PACIFIC EXPLORATION AND 19.5 52.96 2.35 5169.27 7.42 -1214.85 -1293.29 -161.6 5147.9 7.25 FIXED 12/12/201112/12/2021CALLABLE Sr Unsecured 690,549,000$ Ba3 B+ BB

PRECN 5.125 23 Energy PACIFIC EXPLORATION AND 19.5 40.15 3.52 3875.13 5.99 -596.85 -1516.26 -14.71 3847.4 5.13 FIXED 3/28/2013 3/28/2023 CALLABLE Sr Unsecured 1,000,000,000$ Ba3 B+ BB

PRECN 5.625 25 Energy PACIFIC EXPLORATION AND 19.5 38.46 3.33 3700.26 12.97 -658.14 -1601.84 -19.8 3664.4 5.63 FLAT TRADING9/19/2014 1/19/2025 CALLABLE Sr Unsecured 1,113,651,000$ Ba3 B+ BB

EEBCB 6.125 21 Utilities EMPRESA DE ENERGIA DE BO 104.1 4.26 0.59 352.59 -2.88 43.19 -562.74 -285.5 377.28 6.13 FIXED 11/10/201111/10/2021CALLABLE Sr Unsecured 749,000,000$ Baa3 BBB BBB-

EEBCB 5.7 22 Energy TRANSPRTDRA DE GAS INTL 101 5.42 3.52 422.96 0.94 31.25 -138.07 33.19 422.05 5.7 FIXED 3/20/2012 3/20/2022 CALLABLE Sr Unsecured 750,000,000$ Baa3 BBB BBB-

EEPPME 7.625 19 Utilities EMPRESAS PUBLIC MEDELLIN 112.8 3.52 2.95 240.57 -0.20 1.21 -86.87 6.887 243.52 7.63 FIXED 7/29/2009 7/29/2019 AT MATURITY Sr Unsecured 500,000,000$ Baa3 BBB+

TELEFO 5.375 22 Communications COLOMBIA TELECOMM SA ESP 89.94 7.35 5.31 591.45 1.69 -7.92 -98.96 124.2 574.44 5.38 FIXED 9/27/2012 9/27/2022 CALLABLE Sr Unsecured 750,000,000$ BB BB

TELEFO 8.5 49 Communications COLOMBIA TELECOMUNICACIO 81.75 14.69 3.02 1350.38 2.78 -75.46 -109.26 235.1 1348.6 8.5 VARIABLE3/30/2015 PERP/CALL Subordinated 500,000,000$ B+ B

PFAVHC 8.375 20 Consumer, CyclicalAVIAN HLDS SA/LEASING/GR 79.2 15.37 3.11 1418.12 2.68 14.35 -30.77 -513.4 1415 8.38 FIXED 5/10/2013 5/10/2020 CALLABLE Sr Unsecured 300,000,000$ B+ B

MdurVar Z-Spd (bps) Coupon Maturity RatingSpd

o/SovCorporate Industry Issuer Price YTW Z-Spd

Issue

DateRank Amount (USD MM)

7

06 de Marzo de 2015


PERU—Indicative prices

Source: Reuters; Bloomberg, calculated by Ad Cap Colombia.

06 de Marzo de 2015



CPACPE 4.5 23 96.85 0.00% 0.10% 3.86% 3.58%

UNACEM 5.875 21 99.8 0.00% -0.20% 5.61% 3.18%

AJECBV 6.5 22 43 0.00% 1.65% 26.47% 7.50%

MAESPE 6.75 19 105.875 0.00% 0.00% 0.99% 1.32%

ISCORP 8.375 21 99.5 0.00% 0.00% 4.19% 1.95%

TGPERU 4.25 28 96.2 0.00% 1.53% 3.83% 0.44%

TRANSM 4.375 23 97.25 0.00% 3.05% 1.30% 0.00%

BCOCPE 2.25 16 100.05 0.00% 0.00% -0.08% 0.18%

BCOCPE 5.75 17 103.15 0.00% 0.78% 0.88% 0.15%

BCOCPE 3.25 18 101.995 0.00% 0.29% 1.26% 1.49%

BCOCPE 5.5 20 107.97 0.00% 0.00% 2.10% 0.67%

BCOCPE 5 22 106.65 0.00% 2.06% 3.90% 3.67%

BCOCPE 5.25 29 99.45 0.00% -0.80% 4.96% 2.70%

BCP 4.75 16 99.9 0.00% 0.00% 0.00% -0.60%

BCP 2.75 18 100.95 0.00% 0.00% 1.45% 0.90%

BCP 5.375 20 108.375 0.00% -0.34% 1.88% 0.89%

BCP 4.25 23 102.35 0.00% -0.14% 3.62% 2.74%

BCP 6.875 26 109.75 -0.44% 0.69% 4.23% 1.35%

BCP 6.125 27 106.9 0.00% 0.97% 4.80% 2.79%

BINTPE 5.75 20 109.125 0.00% 1.14% 2.46% 3.44%

BINTPE 6.625 29 102 0.00% 1.19% 4.35% 1.87%

BNSCN 4.5 27 99 0.00% 0.71% 6.45% 4.05%

IFHBH 5.875 25 97.75 0.00% 4.43% 3.81% 3.17%

HOCLN 7.75 21 99.25 0.00% 2.06% 10.89% 10.16%

MILPOC 4.625 23 89.27 0.00% 1.44% 14.27% 0.30%

MINSUR 6.25 24 92.583 0.00% 2.59% 13.95% 0.42%

VOLCAN 5.375 22 76.8 0.00% 1.05% 8.94% 20.27%

COFIDE 3.25 19 101.52 0.00% -0.22% 2.18% 1.65%

COFIDE 4.75 22 104.3 0.00% 0.89% 2.67% 2.76%

COFIDE 4.75 25 103.2 0.00% 0.54% 5.04% 4.77%

COFIDE 5.25 29 99.25 0.00% 0.76% 4.47% 0.97%

MIVIVI 3.375 19 101.32 0.08% 0.19% 1.62% 1.60%

MIVIVI 3.5 23 96.495 0.03% 0.29% 2.99% 1.92%

Total Return (%)Corporate Price

Daily Weekly 3M YDT

PERU 7.125 19 114.885 -0.06% 0.10% 0.53% 0.65%

PERU 7.35 25 131.785 0.05% 1.17% 4.05% 4.92%

PERU 8.75 33 148.098 -0.12% 1.39% 4.63% 5.15%

PERU 6.55 37 124.925 0.15% 2.01% 6.51% 7.52%

PERU 5.625 50 112.92 -0.19% 2.49% 8.07% 9.90%

Total Return (%)Peru Gov USD Price

BC

OC

PE

16

BC

OC

PE

17

BC

OC

PE

18

BC

OC

PE

20

BC

OC

PE

22

BC

OC

PE

29

BC

P 1

8

BC

P 2

0

BC

P 2

3

BC

P 2

6

BC

P 2

7

BIN

TPE

20

BIN

TPE

29

BN

SCN

27

IFH

BH

25

HO

CLN

21

MIL

PO

C 2

3M

INSU

R 2

4

VO

LCA

N 2

2

CP

AC

PE

23

UN

AC

EM 2

1

MA

ESP

E 1

9

ISC

OR

P 2

1

TGP

ERU

28

TRA

NSM

23

CO

FID

E 1

9

CO

FID

E 2

2

CO

FID

E 2

5

CO

FID

E 2

9

MIV

IVI 1

9

MIV

IVI 2

3

0

2

4

6

8

10

12

14

16

18

20

0 2 4 6 8

Yie

ld t

o M

atu

rity

(%

)

Duration

Financials

Basic Materials

Others

Quasi-Gov Financials

-2.0%

-1.0%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0% Weekly Total Return

PER

U 1

9

PER

U 2

5

PER

U 3

3

PER

U 3

7

PER

U 5

0

1

1.5

2

2.5

3

3.5

4

4.5

5

5.5

6

1 6 11 16

Yie

ld t

o M

atu

rity

(%

)

Duration

0.0%

0.5%

1.0%

1.5%

2.0%

2.5%

3.0%

PERU 7.125 19 PERU 7.35 25 PERU 8.75 33 PERU 6.55 37 PERU 5.625 50

Weekly Total Return


8

06 de Marzo de 2015


Source: Bloomberg, Calculated by Ad Cap Colombia.

06 de Marzo de 2015


PERU—Indicative prices


PERUGB 8.6 17 104.473 0.00% -0.10% -0.25% -0.69%

PERUGB 7.84 20 106.908 0.00% -0.04% 1.40% 1.58%

PERUGB 5.2 23 91.737 0.00% -0.03% 2.98% 2.54%

PERUGB 5.7 24 93.553 0.00% -0.18% 3.10% 3.11%

PERUGB 8.2 26 108.418 0.00% 0.82% 3.47% 3.15%

PERUGB 6.95 31 96.556 0.00% 0.45% 4.78% 4.65%

PERUGB 6.9 37 93.916 0.00% 0.74% 5.02% 3.66%

PERUGB 6.85 42 91.336 0.00% 1.35% 4.86% 2.51%

PERUGB 6.7142 55 88.202 0.00% 0.12% 4.67% 2.10%

Total Return (%)Peru Gov PEN Price

PER

UG

B 1

7

PER

UG

B 2

0

PER

UG

B 2

3P

ERU

GB

24

PER

UG

B 2

6

PER

UG

B 3

1

PER

UG

B 3

7

PER

UG

B 4

2

PER

UG

B 5

5

3.5

4.5

5.5

6.5

7.5

8.5

9.5

0 5 10

Yie

ld t

o M

atu

rity

(%

)

Duration


CPACPE 4.5 23 Industrial CEMENTOS PACASMAYO SAA 96.414 5.12 5.80 343.99 -25.63 -42.97 -107.37 -16.36 324.44 4.5 FIXED 2/8/2013 2/8/2023 AT MATURITY Sr Unsecured 300,000,000$ BBB- BB+

UNACEM 5.875 21 Industrial UNION ANDINA DE CEMENTOS 99.004 6.09 4.61 451.91 -13.96 -87.62 -140.48 -18.62 438.67 5.88 FIXED 10/31/2014 10/30/2021CALLABLE Sr Unsecured 625,000,000$ Ba2 BB+

AJECBV 6.5 22 Consumer, Non-cyclicalAJECORP BV 42 25.77 3.79 2430.34 -1.38 -349.27 -499.68 -40 2410.2 6.5 FIXED 5/14/2012 5/14/2022 CALLABLE Sr Unsecured 450,000,000$ BB BB-

MAESPE 6.75 19 Consumer, Cyclical MAESTRO PERU SA 105.03 3.40 0.50 85.31 -146.55 -84.30 -172.86 -297.3 107.56 6.75 FIXED 9/26/2012 9/26/2019 CALLABLE Sr Unsecured 200,000,000$ Ba2 B /*+

ISCORP 8.375 21 Utilities INKIA ENERGY LTD 99.401 8.52 3.89 709.82 -12.13 -92.51 -138.65 -26.72 710.32 8.38 FIXED 4/4/2011 4/4/2021 CALLABLE Sr Unsecured 450,000,000$ Ba3 BB BB

TGPERU 4.25 28 Utilities TRANSPORT DE GAS PERU 95.246 4.85 7.91 299.58 94.22 94.22 94.22 94.22 281.74 4.25 FIXED 4/30/2013 4/30/2028 SINKABLE Sr Unsecured 850,000,000$ Baa1 BBB+ BBB+

TRANSM 4.375 23 Utilities TRANSMANTARO 96.46 4.97 5.94 327.89 -11.37 -30.47 -43.17 86.32 308.28 4.38 FIXED 5/7/2013 5/7/2023 AT MATURITY Sr Unsecured 450,000,000$ Baa3 BBB-

BCOCPE 2.25 16 Financial BBVA BANCO CONTINENTAL 100.3 1.43 0.36 14.59 -51.54 -58.00 -112.09 -82.83 42.941 2.25 FIXED 1/29/2013 7/29/2016 AT MATURITY Sr Unsecured 300,000,000$ A- BBB+

BCOCPE 5.75 17 Financial CONTINENTAL SR TRUST 103.02 2.07 0.81 87.58 -38.35 -40.18 -102.53 -88.32 104.61 5.75 FIXED 1/18/2012 1/18/2017 AT MATURITY Sr Unsecured 500,000,000$ A- BBB+

BCOCPE 3.25 18 Financial BBVA BANCO CONTINENTAL 101.53 2.48 1.95 126.18 -24.98 -43.36 -108.49 -70.19 131.28 3.25 FIXED 4/8/2013 4/8/2018 AT MATURITY Sr Unsecured 500,000,000$ A- BBB+

BCOCPE 5.5 20 Financial BANCO CONT(CONT SR TRST) 107.86 3.65 4.06 217.66 -13.33 -42.90 -81.63 -0.853 210.3 5.5 FIXED 11/18/2010 11/18/2020AT MATURITY Sr Unsecured 350,000,000$ A- BBB+

BCOCPE 5 22 Financial BBVA BANCO CONTINENTAL 105.46 4.03 5.48 240.14 -10.65 -36.12 -91.32 -21.24 222.94 5 FIXED 8/29/2012 8/26/2022 AT MATURITY Sr Unsecured 500,000,000$ A- BBB+

BCOCPE 5.25 29 Financial BBVA BANCO CONTINENTAL 99.556 5.32 6.62 358.34 -6.40 -32.75 -116.58 3.265 339.16 5.25 VARIABLE9/22/2014 9/22/2029 CALLABLE Subordinated 300,000,000$ BBB+ BBB

BCP 4.75 16 Financial BANCO DE CREDITO DEL PER 100.15 -48.04 0.00 4.75 FIXED 3/16/2011 3/16/2016 AT MATURITY Sr Unsecured 150,286,000$ Baa1 A- BBB+

BCP 2.75 18 Financial BANCO DE CREDITO DEL PER 100.5 2.47 1.75 124.86 -22.68 -28.46 -86.88 -49.75 131.84 2.75 FIXED 7/9/2014 1/9/2018 AT MATURITY Sr Unsecured 230,154,000$ A-

BCP 5.375 20 Financial BANCO DE CREDITO DEL PER 108.45 3.33 4.01 189.90 -11.13 -31.84 -102.64 -14.75 183.74 5.38 FIXED 9/16/2010 9/16/2020 AT MATURITY Sr Unsecured 800,000,000$ Baa1 A- BBB+

BCP 4.25 23 Financial BANCO DE CREDITO DEL PER 102.07 3.91 5.93 225.50 -11.13 -32.82 -90.48 -0.659 206.03 4.25 FIXED 4/1/2013 4/1/2023 AT MATURITY Sr Unsecured 716,301,000$ Baa1 A- BBB+

BCP 6.875 26 Financial BANCO DE CREDITO DEL PER 109.43 4.90 4.60 334.64 -13.58 -37.12 -147.79 6.396 321.77 6.88 VARIABLE9/16/2011 9/16/2026 CALLABLE Subordinated 476,135,595$ Baa3 BBB+ BBB

BCP 6.125 27 Financial BANCO DE CREDITO DEL PER 106.26 4.92 4.97 333.34 -12.66 -38.63 -148.20 -0.884 317.28 6.13 VARIABLE4/24/2012 4/24/2027 CALLABLE Subordinated 720,000,000$ Baa3 BBB+ BBB

BINTPE 5.75 20 Financial BANCO INTERNAC DEL PERU 108.21 3.77 3.92 233.39 -12.44 -30.66 -88.41 -10.73 226.67 5.75 FIXED 10/7/2010 10/7/2020 AT MATURITY Sr Unsecured 650,000,000$ Baa2 BBB+

BINTPE 6.625 29 Financial BANCO INTERNAC DEL PERU 101.36 6.35 6.06 469.37 -8.60 -35.16 -102.96 28.6 448.49 6.63 VARIABLE3/18/2014 3/19/2029 CALLABLE Subordinated 300,000,000$ Ba1 BBB BBB-

BNSCN 4.5 27 Financial SCOTIABANK PERU SA 96.591 5.10 5.65 349.06 -14.54 -36.22 -119.82 27.94 330.33 4.5 VARIABLE12/13/2012 12/13/2027CALLABLE Subordinated 400,000,000$ Baa2 A-

IFHBH 5.875 25 Financial INTERCORP PERU LTD 92.871 6.96 6.70 512.72 -21.59 -34.21 -47.45 67.57 492.43 5.88 FIXED 2/12/2015 2/12/2025 CALLABLE Sr Unsecured 250,000,000$ Ba2 BBB- BB

HOCLN 7.75 21 Basic Materials CO MINERA ARES SAC 96.728 8.58 3.90 704.00 -19.76 -118.94 -231.63 -81.91 694.13 7.75 FIXED 1/23/2014 1/23/2021 CALLABLE Sr Unsecured 350,000,000$ Ba3 BB+

MILPOC 4.625 23 Basic Materials COMPANIA MINERA MILPO 86.037 7.19 5.64 533.28 -43.01 -62.73 -166.68 59.99 513.03 4.63 FIXED 3/28/2013 3/28/2023 AT MATURITY Sr Unsecured 350,000,000$ BBB BBB-

MINSUR 6.25 24 Basic Materials MINSUR SA 89.926 7.99 5.96 628.10 -18.74 -43.93 -192.84 81.2 607.15 6.25 FIXED 2/7/2014 2/7/2024 AT MATURITY Sr Unsecured 450,000,000$ Baa3 BBB- BBB-

VOLCAN 5.375 22 Basic Materials VOLCAN CIA MINERA SAA-CM 74.635 11.42 4.66 954.99 -17.81 -108.75 -435.57 -279.9 940.09 5.38 FIXED 2/2/2012 2/2/2022 AT MATURITY Sr Unsecured 600,000,000$ Ba1 BBB- NR

COFIDE 3.25 19 Financial CORP FINANCIERA DE DESAR 101.2 2.87 3.12 154.39 -10.35 -28.51 -86.52 -26.32 154.97 3.25 FIXED 7/15/2014 7/15/2019 AT MATURITY Sr Unsecured 300,000,000$ BBB+ BBB+

COFIDE 4.75 22 Financial CORP FINANCI DE DESARROL 103.55 4.07 5.09 248.92 -10.59 -31.82 -76.50 -6.163 235.03 4.75 FIXED 2/8/2012 2/8/2022 AT MATURITY Sr Unsecured 500,000,000$ BBB+ BBB+

COFIDE 4.75 25 Financial CORP FINANCIERA DE DESAR 102.02 4.48 7.43 267.81 -8.78 -32.89 -95.70 -13.47 249.03 4.75 FIXED 7/15/2015 7/15/2025 AT MATURITY Sr Unsecured 600,000,000$ BBB+ BBB+

COFIDE 5.25 29 Financial CORP FINANCIERA DE DESAR 98.749 5.44 6.60 368.70 -6.61 -30.50 -98.14 23.7 349.27 5.25 VARIABLE7/15/2014 7/15/2029 CALLABLE Subordinated 300,000,000$ BBB BBB

MIVIVI 3.375 19 Financial FONDO MIVIVIENDA SA 101.13 2.98 2.83 166.25 -14.57 -30.53 -102.07 -33.91 167.94 3.38 FIXED 4/2/2014 4/2/2019 AT MATURITY Sr Unsecured 300,000,000$ BBB+ BBB+

MIVIVI 3.5 23 Financial FONDO MIVIVIENDA SA 96.214 4.14 5.99 248.96 -7.05 -22.62 -90.95 5.157 230.42 3.5 FIXED 1/31/2013 1/31/2023 AT MATURITY Sr Unsecured 500,000,000$ BBB+ BBB+

Corporate Industry Issuer Price YTW MdurVar Z-Spd (bps) Coupon Maturity RatingSpd

o/SovAmount (USD MM)Z-Spd Issue Date Rank

Daily Weekly 3M YTD Rate Type Date Type Moody's S&P Fitch

PERUGB 8.6 17 Government BONOS DE TESORERIA 104.64 512.00% 1.30 -31.88 -6.426 8.6 FIXED 7/8/2005 8/12/2017 AT MATURITY Sr Unsecured 2,563,661,000$ A3 A- A-

PERUGB 7.84 20 Government BONOS DE TESORERIA 107.03 599.99% 3.64 89.34 89.34 89.34 89.34 -8.851 7.84 FIXED 7/18/2005 8/12/2020 AT MATURITY Sr Unsecured 6,427,234,000$ A3 A- A-

PERUGB 5.2 23 Government BONOS DE TESORERIA 92.096 655.99% 5.93 173.78 173.78 173.78 173.78 -10.6 5.2 FIXED 6/22/2012 9/12/2023 AT MATURITY Sr Unsecured 3,167,885,000$

PERUGB 5.7 24 Government BONOS DE TESORERIA 94.02 664.99% 6.37 189.45 189.45 189.45 189.45 -19.79 5.7 FIXED 11/7/2014 8/12/2024 AT MATURITY Sr Unsecured 7,128,422,000$ A3 A-

PERUGB 8.2 26 Government BONOS DE TESORERIA 107.99 711.99% 6.89 246.34 246.34 246.34 246.34 -12.5 8.2 FIXED 5/3/2006 8/12/2026 AT MATURITY Sr Unsecured 4,593,276,000$ A3 A- A-



PERUGB 6.85 42 Government BONOS DE TESORERIA 91.543 762.98% 11.14 357.83 357.83 357.83 357.83 4.31 6.85 FIXED 1/27/2010 2/12/2042 AT MATURITY Sr Unsecured 4,040,273,000$ A3 A-

PERUGB 6.7142 55 Government BONOS DE TESORERIA 88.641 765.97% 12.22 386.81 386.81 386.81 386.81 7.31 6.71 FIXED 7/9/2014 2/12/2055 AT MATURITY Sr Unsecured 835,293,000$

RatingAmount (USD MM)Peru Gov COP Industry Issuer Price YTW Mdur

Var Z-Spd (bps) Coupon MaturitySpd

o/SovZ-Spd Issue Date Rank

Daily Weekly 3M YTD Rate Type Date Type Moody's S&P Fitch

PERU 7.125 19 Government REPUBLIC OF PERU 114.77 207.69% 2.69 83.47 1.07 -15.90 -83.16 -26.15 84.337 7.13 FIXED 3/30/2009 3/30/2019 AT MATURITY Sr Unsecured 691,814,000$ A3 BBB+ BBB+

PERU 7.35 25 Government REPUBLIC OF PERU 130.26 351.98% 7.07 176.52 1.06 -17.75 -84.28 -21.38 155.72 7.35 FIXED 7/19/2005 7/21/2025 AT MATURITY Sr Unsecured 2,009,161,000$ A3 BBB+ BBB+

PERU 8.75 33 Government REPUBLIC OF PERU 146.07 484.11% 10.29 281.39 -1.07 -17.63 -70.06 -2.314 254.57 8.75 FIXED 11/21/2003 11/21/2033AT MATURITY Sr Unsecured 2,245,439,000$ A3 BBB+ BBB+

PERU 6.55 37 Government REPUBLIC OF PERU 122.47 479.02% 11.97 270.25 -0.15 -16.98 -75.10 62.31 241.17 6.55 FIXED 3/14/2007 3/14/2037 SINKABLE Sr Unsecured 1,201,667,000$ A3 BBB+ BBB+

PERU 5.625 50 Government REPUBLIC OF PERU 110.18 500.35% 15.76 281.45 -0.67 -19.00 -68.96 65.34 225.04 5.63 FIXED 11/18/2010 11/18/2050AT MATURITY Sr Unsecured 2,545,000,000$ A3 BBB+ BBB+

Var Z-Spd (bps) Coupon Maturity RatingZ-SpdPeru Gov USD Industry Issuer Price YTW Mdur

Spd

o/SovIssue Date Rank Amount (USD MM)


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Andean Region Fixed Income Weekly nd€¦ · 2 06 de Marzo de 2015 Informe Diario de Cierre LOCAL VIEW: COLOMBIA BanRep raised its benchmark key rate on 25 bps to 6.5% on Friday,