Andean Region Fixed Income Weekly - AdCap Colombia · month, headline CPI printed the highest since Dec/2000 and locals are uncertain about short term prices development. How- ever,

1

Informe Diario de Cierre

Andean Region Fixed Income Weekly July 12th 2016

What‟s inside

Colombia update: Monetary Policy Minutes were released ……………...…………………….…………….......P. 2

Peru update: Macro data and market sentiment provide support to fixed income valuations…….….P. 2

Trade Idea: Overweight TGPERU„28 Vs. Underweight PERU„27..………...…………………………...…..…......P. 3

Investors‟ Note: Andean Countries CPI Update.....………………………………………………………………….......P. 3

Andean corporate news…………………………………………………………………..………………………….………….… P. 5

What-to watch: Economic and Corporate calendar next week…………………………………………….………. P. 5

Indicative prices……………………………………………………………………………………………………………..…..…… P.P 6-9

Local View: Colombia

BRep minutes: no votes supporting 50bps repo rates hikes, for the first time since August of 2015.

Some leader indicators to be released this Friday.

Local View: Peru

Sovereign curves remain supported by positive external and domestic market sentiment.

Upcoming May GDP data and 3Q16 inflation numbers could provide additional boost to prices.

Trade Idea 1: Overweight TGPERU „28 Vs. Underweight PERU „27

Spread between TGPERU „28 Vs. PERU „27 has increased since May 24th. Should the positive market

sentiment towards EM persists, we expect a spread compression, aiming at a target spread of 93 bps.

Investors‟ Note: Andean Countries CPI Update

In Colombia, last month CPI was the highest since Dec/2000 and locals are uncertain about prices in

the short term. However, we consider a matter of time until prices retake their downward trend, and the

current environment may be an opportunity to invest in COLTES and seize CPI drop by the end of 2016.

In Peru, inflation continues its downward trend, and we expect it to persist in 2S16. Our base scenario

depicts annual inflation of 2.9% by Dec16. This potential result may not be entirely priced, as the recent

BCR survey shows inflation expectations for 2016 at 3.3%. To the extent that inflation keeps printing

lower than market consensus in coming months, we see additional value in USD and PEN sovereigns.

Andean Region — Fixed Income

2

06 de Marzo de 2015


LOCAL VIEW: COLOMBIA

BRep Minutes: decision split between +25bps (6 members) and stability (one vote). Cur-

rent account gap seems not to be a major concern anymore. Focus now is about the ability

to curb inflation into the target range (2%-4%) through the end of 2017. We will see a very

data dependent Board and chances of a 25bps hike in next upcoming meeting might not

be ruled out.

Market is optimistic about repo rates during 4Q2016 because it is pricing in 75bps rate

cuts. Next month, inflation print to be replaced is 0.16%m/m and the ongoing transporters

strike might bring extra pressure to food prices.

In June, the outstanding issued of local currency denominated bonds (TES) portfolio

dropped to COP$4.0tln. The most important changes were: (i) BanRep‟s holdings reflected

how much it had on a matured reference (Jun/2016: COP$3.1tln). (ii) Offshore investors

added COP$1tln during June. (iii) Local Pension Funds only added COP$600bln to their

portfolios. (iv) Local bank‟s holdings actually fell COP$1.9tln.

LOCAL VIEW: PERU

On Friday, BCR released its official Trade Balance data. Exports increased for the second

month in a row, by 6.2%YoY, led by traditional products exports. On the other hand, imports

continued its downward trend and decreased 8.6%YoY. With this, May trade balance was

USD 65 million.

Rally towards emerging markets seems to have diminished the pace at which bond prices

were registering gains. Nevertheless, as the new global economic environment implies very

low yields, investors are looking forward for high beta (high return) securities, and Peruvian

bonds kept benefiting from this trend.

In the USD sovereign curve, the long end still showed upward pressures in prices, as inves-

tors are still looking for long duration strategies. Sovereigns, quasi-sovereigns and finan-

cials where among the top traded during the last days.

The PEN sovereign curve showed a different story, as the exchange rate PEN/USD has sta-

bilized. As a consequence, no major gains were seen, with almost all yields along the curve

flat. To this extent, both local and foreign investors seem to have discounted the lower than

expected recent CPI YoY prints.

Forward looking, we expect risk appetite to still govern market trends, as investors will be

on the search of higher return bonds. As a consequence, we believe that as Peru is still

viewed as a “high beta” country, demand towards sovereigns, quasi-sovereigns, financials,

mining & utilities Corps will continue, but at a slower pace. From the macro front, upcoming

GDP data for May (to be released Friday 15th) should also support local fixed income cur-

rent valuations.


Last Friday,

BanRep released

its Monetary Policy

Minutes for June

Inflation under

pressure

Monthly Local

currency denomi-

nated bonds hold-

er’s report

Market sentiment

remains supportive

towards USD and

PEN sovereigns

Recent and upcom-

ing macro data

may provide addi-

tional support to

valuations

3

06 de Marzo de 2015


ANDEAN COUNTRIES: CPI UPDATE

In most countries in Latin America, price indicators are no longer a concern: in Brazil, Mexico and Chile yearly CPI peaked

between Dec15 and Mar16, and now prices are in a downward trend that seems logic: factors responsible for price pres-

sures are fading. El Niño and USD strength seem to be part of a picture not as relevant as before. Here we examine latest CPI

data in Andean countries to check whether fixed income investments in LCY denominated bonds are appealing.

To begin with, Colombia seems to be an outlier, with a yearly CPI on the rise: last print depicted an environment affected by

temporal and entirely local shocks, affecting public services (energy rationing) and food prices (cargo workers‟ strike). Last

month, headline CPI printed the highest since Dec/2000 and locals are uncertain about short term prices development. How-

ever, we consider a matter of time until prices retake their downward trend: 1) “El Niño” has already finished; 2) “La Niña”

could have a limited effect (according to NOOA it wouldn't be a drastic phenomenon), partially increasing the rainy season,

contributing to a higher than average food supply; 3) in 2008 (last period depicting CPI pressures) food reached 13.17% y/y,

accompanied by high devaluation levels and the highest repo rates in years. In 2009, the correction took place and yearly

food CPI was negative (-0.32%). We consider 2008 a historical simile that depicts current situation. Therefore, current envi-

ronment would be considered as an opportunity to invest in COLTES and seize CPI drop at the end of 2016.

In Peru, annual inflation continues its steady downward trend, with June CPI YoY printing 3.34% (vs. 3.53% in May). Market

participants have already discounted a benign inflation environment in 2S16, expecting this trend to persist in coming

months. A core factor is the gradual reversal of 2015‟s food and utilities prices‟ increases, and recent PEN strengthening,

which is supported by the relatively positive market sentiment towards emerging markets‟ assets and commodities. Our base

scenario consists of annual inflation trending even lower by 2016-end, and CPI YoY should print 2.9% in Dec16. Despite re-

cent USD and PEN sovereign bonds appreciation, we consider that this potential result is not entirely priced in these assets,

as the recent BCR survey shows that inflation expectations for this year hover around 3.3%. Thus, to the extent that inflation

keeps printing lower than market consensus in coming months, we see additional value in Peruvian sovereigns.

TRADE IDEA

Overweight TGPERU „28 Vs. Underweight PERU „27

Spread between TGPERU „28 Vs. PERU „27 has increased since

May 24th, to a larger extent due to the significant appreciation of

the sovereign, which has not been followed by this infrastructure

sector Corp.

Should the currently supportive market sentiment towards EM fixed

income persists, we expect a spread compression, from an entry/

current spread of 127bps to a target spread of 93 bps.

If spread widens above 160 bps, we recommend to close the trade.

More about:

TGPERU 4 ¼ 04/30/28 Bloomberg: EJ6504421 <Corp>

PERU 4 ⅛ 08/25/27 Bloomberg: UV5498059 <Corp>

Ideas tracking record

We recommend closing OW MILPOC '23 Vs. UW HOCLN '21, to cash in

83 bps.

Source: Bloomberg, Calculated by AdCap Colombia and Peru

06 de Marzo de 2015



2

2.5

3

3.5

4

4.5

5

5.5

6

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

Ma

r-1

6

Ap

r-1

6

Ap

r-1

6

Ma

y-1

6

Ma

y-1

6

Jun

-16

Jun

-16

Jul-1

6

Yie

ld t

o M

atu

rity

(%

)

TGPERU 28 PERU 27

Low: 33,62

High: 132,5

Ave: 79,32

0

20

40

60

80

100

120

140

Au

g-1

5

Se

p-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

Jan

-16

Jan

-16

Fe

b-1

6

Fe

b-1

6

Ma

r-1

6

Ma

r-1

6

Ma

r-1

6

Ap

r-1

6

Ap

r-1

6

Ma

y-1

6

Ma

y-1

6

Jun

-16

Jun

-16

Jul-1

6

Ba

sis

Po

ints

Average 1Y

4

06 de Marzo de 2015


06 de Marzo de 2015

Informe Diario de Cierre Andean Region — Fixed Income

IDEAS TRACKING RECORD

Opening Date TradeLast Trade Idea

Entry Spread

Avg. Spread/

Target

Current

Spread

Closed

atDif f

5-Jul-16 OW Grupos '21 Vs UW Davivi '22 96 125 102

21-Jun-16 OW BCOCPE '20 Vs UW BCP '20 44 22 55 -11

14-Jun-16 OW MILPOC '23 Vs UW HOCLN '21 74 238 157 83

7-Jun-16 OW COFIDE '29 Vs UW COFIDE '22 173 144 140 33

7-Jun-16 OW BANBOG '23 Vs UW COLOM '23 189 150 193

31-May-16 OW VOLCAN '22 Vs UW HOCLN '21 164 120 32 132

31-May-16 OW AVAL '22 Vs UW GRUPOS '21 156 133 109 47

24-May-16 OW COLOM '24 Vs UW COLOM '21 61 48 57

24-May-16 OW UNACEM '21 Vs UW CPACPE '23 138 75 76 62

17-May-16 OW BANBOG '23 Vs UW COLOM '23 212 171 171 41

17-May-16 OW BANBOG '17 Vs UW DAVIVI '18 9 48 50 41

10-May-16 OW DAVIVI '22 Vs UW DAVIVI '18 340 283 278 62

3-May-16 OW IFBHB '25 Vs UW Mivivi '23 227 200 192 35

26-Apr-16 OW BanBog '17 Vs UW Davivi '18 44 83 25 -19

12-Apr-16 OW Ecopet '23 Vs UW Ecopet '18 295 270 310 -15

12-Apr-16 OW PERU '37 Vs UW PERU '19 270 245 266 4

5-Apr-16 OW COLOM '37 Vs UW PERU '37 111 95 119 -8

29-Mar-16 OW Peru '33 Vs UW Peru '25 136 106 133 3

22-Mar-16 OW Aval '22 Vs Bcolom '22 98 65 64 34

22-Mar-16 OW ECOPET '25 Vs UW ECOPET '18 301 265 265 36

22-Mar-16 OW IFHBH '25 Vs UW PERU '25 306 238 316 -10

15-Mar-16 OW DAVIVI '22 Vs UW BCOLO '22 80 45 23 57

8-Mar-16 OW COLOM '33 Vs UW COLOM '24 250 182 240 10

8-Mar-16 OW BCOCPE '20 Vs UW COFIDE '19 85 65 70 15

1-Mar-16 OW AVAL '22 Vs UW AVAL '17 360 250 345 15

24-Feb-16 OW BCP '26 Vs UW BCP '27 4 12 0 -4

24-Feb-16 OW CORJRL '21 Vs UW CORJLR '23 2 15 13 11

16-Feb-16 OW INKENE '21 Vs UW TRANSM '23 471 441 356 115

16-Feb-16 OW Ecopetrol '43 Vs UW Ecopetrol '45 87 60 58 29

9-Feb-16 OW Colom '37 Vs UW Colom '24 155 127 142 13

2-Feb-16 OW Davivi '18 Vs UW Banbog '17 153 66 168 -15

26-Jan-16 OW AVAL '22 Vs UW Colom '21 202 170 218 -16

19-Jan-16 OW MIVIVI '23 Vs UW BCP '23 28 3 39 -11

12-Jan-16 OW BCOCPE 5 '22 Vs UW BCOCPE 5.5 '20 81 46 98 -17

22-Dec-15 OW Colom '24 Vs UW Suamsa '24 -89 28 -46 43

15-Dec-15 OW GNBSUD '18 Vs UW GNBSUD '22 139 200 199 60

15-Dec-15 OW Colom '24 Vs UW Davivi '22 103 173 141 38

8-Dec-15 OW Banbog'17 Vs UW BColom '17 -52 82 6 58

1-Dec-15 OW Ecopet '23 Vs UW Ecopet '18 273 234 213 60

24-Nov-15 OW Davivienda '18 Vs UW Aval '17 120 38 37 83

24-Nov-15 OW Volcan '22 Vs UW Hochschild '21 44 100 12 -32

17-Nov-15 UW Davivienda '22 Vs OW Davivienda '18 138 243 246 108

10-Nov-15 OW BCOCPE '18 Vs UW BCOCPE '20 56 70 15 -41

3-Nov-10 OW Colom '19 Vs UW Mex '19 79 44 105 -26

27-Oct-15 OW Colom '23 Vs UW ECOPETROL '23 172 233 201 29

20-Oct-10 OW BanBog '23 Vs UW BanBog '17 375 268 311 64

13-Oct-15 OW Colom May '24 Vs UW Colom '23 62 38 50 12

6-Oct-15 OW Mivivienda '19 Vs UW Peru '19 97 80 87 10

29-Sep-15 OW AvalC '17 Vs UW BanBog '17 116 52 74 42

22-Sep-15 OW Ecopetrol '25 Vs UW Colom 8.125 '24 135 83 97 38

15-Sep-15 OW Davivienda '22 Vs UW Colom 5.625 '23 245 190 217 28

8-Sep-15 OW Peru '37 Vs UW Peru '19 141 117 167 -26

25-Aug-15 OW TES '24 Vs UW Mbono '24 160 106 172 -12

18-Aug-15 OW Colom '37 Vs UW Colom '17 424 375 475 -51

5

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

(AVIANCA): signed an agreement with Silver Airways, the largest airline in the Florida, to strengthen its network of

partners outside of their Star Alliance shared code. Fitch Ratings has affirmed a rating of bonds at A + and this is

highly related to the credit quality of Avianca.

(BVC): The Brazilian market operator BMF & Bovespa announced that it acquired 9.99% in the Colombian Stock Ex-

change, with an investment of 13.22 million dollars.

(ECOPETROL): Morgan Stanley recommendation was to raise prices from US$ 6.50 to US$ 9.50 (ADRs). On the other

hand, The Board approved the formation of new companies with Propilco S.A. in Peru, with view of continuing the

implementation of the strategy of Grupo Empresarial Ecopetrol 2020.

(AVAL): The company took loans with its subsidiary The Bank of Bogota for the ordinary course of business through

transactions carried out under market conditions and maturity of two years for a total amount of $ 98,000 million.

(CANACOL) reported operating results with average sales of gas less than its previous report being 88.5 (equivalent

to 15,526 barrels of oil per day) compared to 90 Bcf in April and netback of US $ 25.67/barrel lower slightly against

US $ 25.80/boe April. It estimates that the average net sales of oil and gas before benefits for 2016 are between

16,000 and 17,000 BPD and expects total contracted sales of oil and gas add up to between 18,500 and 19,000

BPD from 1 May 2016 and until the end of the year.

RIPLEY: Liverpool, Mexican department store company, has announced an Acquisition Public Offer on 100% of the

shares of Chilean department stores Ripley for a market premium of 25% per share.

NEWMONT MINING: Gary Goldberg, CEO of the mining company, will resume efforts with the incoming administration

of Pedro Pablo Kuczynski (PPK) in order to promote the viability of the mega project Minas Conga (USD 5 billion esti-

mated investment, already paralyzed for 4 years).

SOUTHERN COPPER: the mining company is planning to buy the Las Chancas project, which has finished exploration

phase. The copper mine could produce 80,000 copper metric tons and start operations in 2021.

DOE RUN: according to the newly-elected Peruvian president, PPK, the metallurgical complex needs USD 700 million

in order to get back on track regarding normal operations.

BUENAVENTURA: the rating agency Moody‟s has confirmed its Ba2 rating for Buenaventura, with stable outlook. Its

decision is based on larger production and a better debt structure.

WHAT-TO-WATCH. ECONOMIC AND CORPORATE CALENDAR


Date Country US Eastern Time Event Period Expected Previous

July 15, 2016 COL 15:00 Retail Sales May 4.00% 5.40%

COL 15:00 Industrial Production May 7.10% 8.40%

PER GDP YoY May 2.50%

PER Unemployment rate May 7.10%

July 18, 2016 COL 15:00 Trade Balance May -$1,117.5

COL 15:00 Imports May $3,701.2

COL 15:00 Consumer Conf idence / FedesarrolloJun -5.4 -12.5

6

06 de Marzo de 2015


COLOMBIA—Indicative prices

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

06 de Marzo de 2015


CO

LOM

44

CO

LOM

41

CO

LOM

37

CO

LOM

33C

OLO

M 2

7

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

CO

LOM

8.6

6 1

6

0

1

2

3

4

5

6

7

8

0 5 10 15

Yie

ld t

o M

atu

rity

(%

)

Duration

PriceDaily Week ly 3M YDT

AVALCB 5.25 17 101.8 0.32% 0.12% -0.04% -0.02%

AVALCB 4.75 22 100.3 0.00% 1.37% 4.75% 6.44%

BANBOG 5 17 101.3 0.00% 0.00% 0.00% -0.10%

BANBOG 5.375 23 102.6 1.28% 0.61% 3.42% 5.53%

BCOLO 6.875 17 104 0.00% 0.00% -0.86% -0.48%

BCOLO 6.125 20 108.3 -1.01% -0.55% 1.36% 5.66%

BCOLO 5.95 21 110.2 -0.12% 0.37% 1.06% 6.94%

BCOLO 5.125 22 103.5 2.27% 0.06% 0.50% 7.25%

DAVIVI 2.95 18 101.2 0.00% 0.38% 0.68% 1.70%

DAVIVI 5.875 22 104.3 -0.60% 0.05% 2.94% 3.27%

GNBSUD 3.875 18 100 -0.15% -0.40% 1.51% 2.62%

GNBSUD 7.5 22 103.5 -1.66% -0.09% 1.48% 2.43%

GRUPOS 5.7 21 107.9 0.00% 0.16% 1.77% 2.89%

SUAMSA 4.875 24 104.5 0.00% 0.00% 1.90% 2.45%

BANGAN 4.875 25 101.2 0.25% -1.80% 2.38% 5.64%

ECOPET 4.25 18 104.5 0.23% 0.01% 0.76% 3.77%

ECOPET 7.625 19 116 1.16% 0.65% 2.43% 6.91%

ECOPET 5.875 23 105.8 0.72% 1.60% 3.33% 12.93%

ECOPET 4.125 25 93.25 0.00% 1.57% 5.06% 16.20%

ECOPET 5.375 26 100.2 -1.03% 0.14% 3.65% 15.11%

ECOPET 7.375 43 104.1 1.02% 0.78% 5.64% 23.61%

ECOPET 5.875 45 90 -2.44% 4.05% 7.14% 25.44%

OCENSA 4 21 99 0.00% 1.02% 2.58% 2.06%

PRECN 5.375 19 18.5 -5.13% 0.00% 2.78% -17.78%

PRECN 7.25 21 19.5 0.00% 4.70% 9.86% 8.33%

PRECN 5.125 23 17 0.00% -4.23% 0.00% -8.11%

PRECN 5.625 25 18.5 0.00% -0.67% 8.19% -8.87%

EEBCB 6.125 21 104.8 0.26% -0.10% 0.53% 2.75%

EEBCB 5.7 22 104.6 0.00% -0.12% 1.08% 3.58%

EEPPME 7.625 19 115.3 0.00% 0.22% 1.32% 2.49%

TELEFO 5.375 22 95.5 1.06% 0.00% -1.23% 2.14%

TELEFO 8.5 49 93.25 0.00% 4.45% 2.75% 7.80%

PFAVHC 8.375 20 85.25 2.32% 1.79% -3.13% 30.65%

Price Chg (%)Corporate

Daily Week ly 3M YDT

COLOM 5 45 107 -0.44% 0.64% 9.47% 27.29%

COLOM 5.625 44 114 -0.57% 0.52% 8.96% 24.58%

COLOM 6.125 41 119 -0.55% 0.45% 8.27% 22.39%

COLOM 7.375 37 133.2 -0.46% 0.37% 6.95% 20.26%

COLOM 10.375 33 157.6 2.21% 0.19% 6.19% 13.21%

COLOM 11.85 28 104.3 0.00% 0.00% 0.00% 0.00%

COLOM 8.375 27 127.3 0.00% -1.07% 0.59% 1.20%

COLOM 8.125 24 131.8 -0.12% 0.26% 3.30% 9.11%

COLOM 4 24 105.7 -0.26% 0.23% 3.80% 10.75%

COLOM 2.625 23 97.89 -0.14% 0.07% 3.39% 10.85%

COLOM 4.375 21 108.3 -0.10% 0.07% 2.37% 7.59%

COLOM 11.75 20 132.6 0.08% 0.08% 0.96% 2.58%

COLOM 7.375 19 114.6 -0.06% -0.10% 0.91% 2.22%

COLOM 7.375 17 103.4 -0.02% -0.21% -0.39% -1.86%

COLOM 8.66 16 101.8 -0.02% -0.15% -0.54% -3.00%

COLOM 8.7 16 100.3 0.00% 0.00% 0.00% -2.05%

Colombia Gov USD PricePrice Chg (%)

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

Weekly Price Chg

-1.5%

-1.0%

-0.5%

0.0%

0.5%

1.0%

Weekly Price Chg


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

2

GN

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

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

7

06 de Marzo de 2015


Source: Bloomberg, Calculated by Ad Cap Colombia.

06 de Marzo de 2015


COLOMBIA—Indicative prices


COLTES 7.75 30 100.5 -0.09% -1.01% 3.83% 12.25%

COLTES 6 28 87.93 0.00% -0.22% 3.86% 12.27%

COLTES 7.5 26 99.42 0.00% -0.07% 2.62% 8.29%

COLTES 10 24 116.2 -0.03% -0.08% 2.55% 5.26%

COLTES 7 22 99.37 -0.04% -0.22% 2.42% 5.11%

COLTES 11 20 114.2 -0.13% -0.38% 1.50% 1.79%

COLTES 7 19 100.3 -0.19% -0.39% 1.11% 2.12%

COLTES 5 18 96.19 -0.08% -0.20% 0.85% 1.88%

COLTES 11.25 18 108.9 -0.24% -0.35% 0.37% -0.63%

COLTES 5.5 16 7.202 0.00% 0.00% 1.54% 17.05%

COLTES 7.25 16 100 0.00% 0.00% 0.00% -0.49%

Colombia Gov Cop PricePrice Chg (%)

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

5.5

6

6.5

7

7.5

8

8.5

9

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

AVALCB 5.25 17 Financial GRUPO AVAL LTD 101.83 1.86 0.53 113.28 -64.64 -38.80 -37.29 146.8 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 100.25 4.70 5.24 355.78 -6.86 -38.13 -78.58 345.34 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 101.25 2.47 0.49 174.65 -35.39 -35.39 -35.39 -102 208.6 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 102.63 4.90 5.40 373.53 -30.13 -23.61 -52.44 360.32 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 2.16 0.84 140.28 -3.44 -17.67 54.40 167.91 6.88 FIXED 5/25/2007 5/25/2017 AT MATURITY Subordinated 199,512,000$ Ba1 BBB

BCOLO 6.125 20 Financial BANCOLOMBIA SA 108.3 3.88 3.49 288.66 22.41 0.52 -35.52 292.24 6.13 FIXED 7/26/2010 7/26/2020 AT MATURITY Subordinated 620,000,000$ Ba1 BBB

BCOLO 5.95 21 Financial BANCOLOMBIA SA 110.15 3.66 4.24 260.91 -11.36 -22.89 -21.07 258.29 5.95 FIXED 10/27/20116/3/2021 AT MATURITY Sr Unsecured 995,643,000$ Baa2 BBB+

BCOLO 5.125 22 Financial BANCOLOMBIA SA 103.5 4.47 5.17 332.72 -49.70 -13.99 -1.87 322.41 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 101.19 2.16 1.48 134.35 -2.85 -37.15 -42.53 155.15 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 104.25 5.04 5.02 391.81 5.13 -13.98 -50.26 382.27 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 100 3.87 1.71 303.48 5.65 11.10 -81.54 321.68 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 103.46 6.79 4.67 567.01 27.85 -11.08 -23.02 556.39 7.5 FIXED 7/30/2012 7/30/2022 AT MATURITY Subordinated 250,000,000$ B1 WD

GRUPOS 5.7 21 Financial GRUPOSURA FINANCE 107.88 3.90 4.21 284.97 -12.12 -17.89 -36.97 -22.77 282.68 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 104.5 4.19 6.38 294.60 -6.02 -6.02 -19.80 279.4 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 101.15 4.71 7.00 341.33 -11.15 14.11 -18.16 325.66 4.88 FIXED 4/21/2015 4/21/2025 AT MATURITY Subordinated 400,000,000$ Baa3 BBB

ECOPET 4.25 18 Energy ECOPETROL SA 104.5 2.12 2.05 125.13 -14.81 -15.03 -40.30 140.87 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 116 2.13 2.67 120.47 -47.07 -40.61 -90.79 131.38 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 105.79 4.91 5.75 370.50 -19.40 -39.48 -47.52 354.69 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 93.25 5.11 6.87 382.39 -7.58 -33.52 -58.70 367.45 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 100.15 5.35 7.61 400.09 5.75 -12.88 -35.56 383.22 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 104.05 7.04 11.68 539.47 -17.64 -15.32 -32.96 489.27 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 90 6.66 12.94 498.62 10.08 -39.84 -39.99 445.42 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 99 4.23 4.30 318.04 -13.89 -36.75 -41.52 316.38 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 18.5 106.41 1.21 ###### 444.31 122.27 345.30 10565 5.38 FLAT TRADING 11/26/20131/26/2019 CALLABLE Sr Unsecured 1,300,000,000$ Ba3 B+ BB

PRECN 7.25 21 Energy PACIFIC EXPLORATION AND 19.5 56.16 2.40 5512.32 -0.05 -139.42 -201.51 5501 7.25 FIXED 12/12/201112/12/2021CALLABLE Sr Unsecured 690,549,000$ Ba3 B+ BB

PRECN 5.125 23 Energy PACIFIC EXPLORATION AND 17 48.27 2.79 4716.18 -2.02 168.33 131.86 4695.7 5.13 FLAT TRADING 3/28/2013 3/28/2023 CALLABLE Sr Unsecured 1,000,000,000$ Ba3 B+ BB

PRECN 5.625 25 Energy PACIFIC EXPLORATION AND 18.5 43.96 2.64 4280.76 -5.14 63.17 -130.65 4252.4 5.63 FLAT TRADING 9/19/2014 1/19/2025 CALLABLE Sr Unsecured 1,113,651,000$ Ba3 B+ BB

EEBCB 6.125 21 Utilities EMPRESA DE ENERGIA DE BO 104.8 0.65 0.32 -4.95 -85.33 -8.67 -242.99 33.115 6.13 FIXED 11/10/201111/10/2021CALLABLE Sr Unsecured 749,000,000$ Baa3 BBB BBB-

TRAGSA 5.7 22 Energy TRANSPRTDRA DE GAS INTL 104.62 2.96 0.66 222.56 -5.23 4.68 -170.54 253.21 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 115.25 2.39 2.68 146.52 -12.22 -21.45 -51.08 157.29 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 95.5 6.26 5.08 511.94 -27.17 -12.42 32.77 501.12 5.38 FIXED 9/27/2012 9/27/2022 CALLABLE Sr Unsecured 750,000,000$ BB BB

TELEFO 8.5 49 Communications COLOMBIA TELECOMUNICACIO 93.25 10.75 3.00 976.75 -5.13 -154.44 -78.05 983.31 8.5 VARIABLE 3/30/2015 PERP/CALL Subordinated 500,000,000$ B+ B

PFAVHC 8.375 20 Consumer, CyclicalAVIAN HLDS SA/LEASING/GR 85.25 13.43 3.04 1245.18 -79.49 -68.99 114.23 1249.8 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)


COLOM 5 45 Government REPUBLIC OF COLOMBIA 107 4.56 15.48 281.44 -8.45 -14.52 -46.48 -85.34 234.51 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 113.99 4.71 14.41 298.67 -6.72 -13.40 -46.44 -78.7 254.7 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 119.02 4.80 13.29 310.14 -6.63 -13.43 -46.65 -77.27 273.03 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 133.2 4.85 11.87 319.65 -6.94 -14.09 -44.75 38.19 289.9 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 157.49 5.16 9.34 354.56 -40.03 -20.46 -59.88 29.76 331.15 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 104.25 11.18 6.11 975.15 -20.48 -7.78 9.47 951.57 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 127.25 5.02 7.25 324.55 -49.33 -38.11 -39.60 31.26 306.38 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 131.78 3.47 6.07 218.05 -10.18 -21.86 -51.60 16.15 201.26 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 105.66 3.13 6.29 187.69 -6.05 -18.70 -52.14 9.574 173.05 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 97.838 2.98 6.01 176.36 -7.29 -15.93 -47.56 8.732 164.03 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 108.32 2.59 4.50 148.54 -7.94 -19.43 -50.95 -10.48 145.56 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 132.59 2.29 2.99 123.97 -17.14 -29.63 -52.12 -45.57 130.1 11.8 FIXED 2/25/2000 2/25/2020 AT MATURITY Sr Unsecured 796,059,000$ Baa2 BBB BBB



COLOM 8.66 16 Government REPUBLIC OF COLOMBIA 101.78 0.81 0.23 -16.09 -29.79 -28.22 -60.63 23.48 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


COLTES 7.75 30 Government TITULOS DE TESORERIA B 100.55 7.68 7.96 25.22 -1.06 9.74 -14.60 0 7.75 FIXED 1/14/2015 9/18/2030 AT MATURITY Unsecured 8,992,940,511,000$ Baa2 BBB+ BBB+

COLTES 6 28 Government TITULOS DE TESORERIA B 87.932 7.58 7.85 15.32 -1.61 -1.82 -19.62 -4.217 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 99.417 7.58 6.49 26.21 -3.11 -4.07 -11.39 0 7.5 FIXED 9/20/2011 8/26/2026 AT MATURITY Sr Unsecured 9,526,993,537,000$ Baa2 BBB+ BBB+

COLTES 10 24 Government TITULOS DE TESORERIA B 116.17 7.27 5.21 18.44 -3.41 -5.02 -18.25 0 10 FIXED 3/19/2009 7/24/2024 AT MATURITY Sr Unsecured 21,544,007,378,000$ Baa2 BBB+ BBB+



COLTES 7 19 Government TITULOS DE TESORERIA B 100.31 6.88 2.61 3.64 2.33 -2.69 -25.84 0 7 FIXED 1/15/2014 9/11/2019 AT MATURITY Sr Unsecured 8,324,945,456,000$ Baa2 BBB+ BBB+

COLTES 5 18 Government TITULOS DE TESORERIA B 96.193 6.78 2.08 -14.06 -0.98 -8.75 -26.78 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 108.86 6.89 1.88 -5.60 1.79 -5.53 -27.03 11 11.3 FIXED 4/9/2008 10/24/2018AT MATURITY Sr Unsecured 12,990,825,000,000$ Baa2 BBB+ BBB+

COLTES 4.75 35 Government TITULOS DE TESORERIA B 111.44 3.88 12.50 -260.90 -380.2 4.75 FIXED 3/2/2016 4/4/2035 AT MATURITY Unsecured 5,002,189,000$

COLTES 3 33 Government TITULOS DE TESORERIA B 90.457 3.78 12.56 -271.05 -7.44 -7.34 -29.91 -390 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 99.878 3.52 7.42 -208.50 36.09 39.92 16.13 -387.2 3.5 FIXED 5/7/2014 5/7/2025 AT MATURITY Sr Unsecured 12,546,960,240$ Baa2

COLTES 4.75 23 Government TITULOS DE TESORERIA B 109.1 3.20 5.59 -205.80 41.95 41.95 0.91 -398 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 101.88 3.06 4.20 -196.43 33.74 27.00 -4.89 -389.6 3.5 FIXED 3/10/2011 3/10/2021 AT MATURITY Sr Unsecured 43,855,514,556$ Baa2 BBB+ BBB+

COLTES 3.5 19 Government TITULOS DE TESORERIA B 101.8 2.81 2.59 -198.95 -4.01 -6.13 -27.61 -401.8 3.5 FIXED 1/8/2014 4/17/2019 AT MATURITY Sr Unsecured 27,997,288,627$ Baa2 BBB+ BBB+

COLTES 4.25 17 Government TITULOS DE TESORERIA B 101.9 1.96 0.83 -346.69 -74.96 -78.83 -96.64 -481.7 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)

8

06 de Marzo de 2015


PERU—Indicative prices

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

06 de Marzo de 2015



CPACPE 4.5 23 101.25 0.00% 0.50% 1.40% 8.29%

UNACEM 5.875 21 104.375 0.00% 0.94% 2.45% 7.91%

AJECBV 6.5 22 42.195 7.50% 3.55% 8.47% 5.49%

MAESPE 6.75 19 104.125 0.00% 0.00% 1.09% -0.36%

ISCORP 8.375 21 105 0.00% 0.00% 0.00% 7.58%

TGPERU 4.25 28 101.91 0.00% 1.53% 1.91% 6.40%

TRANSM 4.375 23 101.4 0.00% 0.00% 2.42% 4.27%

BCOCPE 2.25 16 100 0.00% 0.00% 0.00% 0.13%

BCOCPE 5.75 17 102.3 0.00% 0.00% -0.22% -0.68%

BCOCPE 3.25 18 102.55 -0.05% -0.22% 0.10% 2.04%

BCOCPE 5.5 20 110.975 0.00% 0.66% 0.89% 3.47%

BCOCPE 5 22 110.063 -0.17% 0.74% 1.66% 6.99%

BCOCPE 5.25 29 105.5 0.00% 1.08% 3.18% 8.95%

BCP 4.75 16 100.281 0.00% 0.00% 0.00% -0.04%

BCP 2.75 18 101.9 0.05% 0.39% 0.62% 1.85%

BCP 5.375 20 112 0.95% 0.19% 1.31% 4.26%

BCP 4.25 23 106.25 0.00% -0.75% 1.41% 6.65%

BCP 6.875 26 114.063 1.39% 0.28% 2.79% 5.33%

BCP 6.125 27 111.5 0.13% 0.79% 1.13% 7.21%

BINTPE 5.75 20 110 0.00% -1.50% -1.04% 4.27%

BINTPE 6.625 29 108 0.00% 0.56% 0.58% 7.87%

BNSCN 4.5 27 103.25 -1.43% 1.23% 2.29% 8.52%

IFHBH 5.875 25 102.2 -0.29% 0.94% 2.48% 7.86%

HOCLN 7.75 21 106.5 0.00% 3.44% 2.40% 18.20%

MILPOC 4.625 23 100.5 -0.50% 1.88% 5.51% 12.92%

MINSUR 6.25 24 103.85 -0.86% -0.10% 5.43% 12.64%

VOLCAN 5.375 22 95.032 1.04% 3.30% 4.78% 48.82%

COFIDE 3.25 19 103 0.00% -0.36% 0.24% 3.13%

COFIDE 4.75 22 108 0.00% 0.65% 1.63% 6.40%

COFIDE 4.75 25 108 0.00% 0.14% 2.27% 9.64%

COFIDE 5.25 29 104.5 0.00% 0.24% 1.90% 6.31%

MIVIVI 3.375 19 103.457 0.27% 0.28% 0.75% 3.74%

MIVIVI 3.5 23 101.496 0.56% 1.05% 1.77% 7.20%

Price Chg (%)Corporate Price

Daily Weekly 3M YDT

PERU 7.125 19 115.463 0.03% -0.01% 0.55% 1.16%

PERU 7.35 25 138.64 -0.22% 0.55% 3.29% 10.37%

PERU 8.75 33 161.378 -0.22% 0.96% 5.54% 14.58%

PERU 6.55 37 139.08 -0.31% 0.95% 6.98% 19.71%

PERU 5.625 50 129.36 -0.11% 1.42% 9.78% 25.90%

Price Chg (%)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

3

MIN

SUR

24

VO

LCA

N 2

2

CP

AC

PE

23

UN

AC

EM 2

1

MA

ESP

E 1

9IS

CO

RP

21

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

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% Weekly Price Chg

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

-0.2%0.0%0.2%0.4%0.6%0.8%1.0%1.2%1.4%1.6%

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

Weekly Price Chg


9

06 de Marzo de 2015


Source: Bloomberg, Calculated by Ad Cap Colombia.

06 de Marzo de 2015


PERU—Indicative prices


PERUGB 8.6 17 104.211 0.00% -0.06% -0.53% -0.94%

PERUGB 7.84 20 110.623 0.00% -0.08% 1.48% 5.11%

PERUGB 5.2 23 99.417 0.00% 0.33% 4.05% 11.13%

PERUGB 5.7 24 101.406 0.00% -0.08% 4.09% 11.76%

PERUGB 8.2 26 118.179 0.00% 0.19% 5.46% 12.44%

PERUGB 6.95 31 109.852 0.00% 0.47% 9.20% 19.06%

PERUGB 6.9 37 108.2 0.00% 0.45% 9.45% 19.42%

PERUGB 6.85 42 104.292 0.00% -0.12% 8.11% 17.05%

PERUGB 6.7142 55 100.469 0.00% 0.68% 6.83% 16.31%

Price Chg (%)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

3

4

5

6

7

8

9

0 5 10

Yie

ld t

o M

atu

rity

(%

)

Duration


CPACPE 4.5 23 Industrial CEMENTOS PACASMAYO SAA 101.25 4.28 5.53 310.69 -7.17 -21.42 -9.95 297.84 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 104.38 4.73 3.74 372.01 -6.12 -39.23 -59.68 373.67 5.88 FIXED 10/31/2014 10/30/2021CALLABLE Sr Unsecured 625,000,000$ Ba2 BB+

AJECBV 6.5 22 Consumer, Non-cyclicalAJECORP BV 42.195 26.48 3.75 2538.84 -203.11 -98.99 -173.66 2528 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 104.13 2.78 0.20 209.90 -34.13 -34.13 -487.15 -208.9 248.09 6.75 FIXED 9/26/2012 9/26/2019 CALLABLE Sr Unsecured 200,000,000$ Ba2 B /*+

INKENE 8.375 21 Utilities INKIA ENERGY LTD 105 -2.67 0.07 -335.24 -270.01 -270.01 -574.47 -2207 -295.2 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 101.91 4.01 7.88 264.80 -23.31 -34.43 -3.61 0.657 249.68 4.25 FIXED 4/30/2013 4/30/2028 SINKABLE Sr Unsecured 850,000,000$ Baa1 BBB+ BBB+

TRANSM 4.375 23 Utilities TRANSMANTARO 101.4 4.14 5.80 294.87 14.64 14.64 9.61 3.814 280.4 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 2.23 0.04 156.82 -2.44 -2.44 -1.58 -17.89 193.18 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 102.3 1.20 0.49 47.12 -38.22 -38.22 -25.92 -162.3 81.249 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 102.55 1.75 1.67 90.89 -0.80 -0.55 -10.52 109.99 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) 110.98 2.80 3.86 177.75 -14.31 -28.47 -15.08 -45.3 179.2 5.5 FIXED 11/18/2010 11/18/2020AT MATURITY Sr Unsecured 350,000,000$ A- BBB+

BCOCPE 5 22 Financial BBVA BANCO CONTINENTAL 110.06 3.18 5.21 203.54 -3.89 -27.35 -24.82 193.4 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 105.5 4.44 6.55 317.26 -7.50 -27.92 -32.94 301.73 5.25 VARIABLE9/22/2014 9/22/2029 CALLABLE Subordinated 300,000,000$ BBB+ BBB

BCP 2.75 18 Financial BANCO DE CREDITO DEL PER 101.9 1.45 1.45 63.23 -10.85 -39.65 -42.37 -96.92 84.926 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 112 2.34 3.71 132.88 -31.16 -20.37 -33.87 135.6 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 106.25 3.21 5.78 202.44 -7.25 0.05 -16.08 188.75 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 114.06 3.85 4.32 277.66 -43.12 -20.20 -58.73 272.87 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 111.5 3.88 4.85 276.86 -9.28 -29.26 -17.58 268.43 6.13 VARIABLE4/24/2012 4/24/2027 CALLABLE Subordinated 720,000,000$ Baa3 BBB+ BBB

BINTPE 5.75 20 Financial BANCO INTL DEL PERU/PANA 110 3.20 3.72 218.99 -6.17 24.83 28.35 221.19 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 108 5.30 6.01 411.22 -7.03 -21.13 -0.84 394.64 6.63 VARIABLE3/18/2014 3/19/2029 CALLABLE Subordinated 300,000,000$ Ba1 BBB BBB-

BNSCN 4.5 27 Financial SCOTIABANK PERU SA 103.25 3.92 5.53 275.97 19.09 -34.54 -32.55 264.08 4.5 VARIABLE12/13/2012 12/13/2027CALLABLE Subordinated 400,000,000$ Baa2 A-

IFHBH 5.875 25 Financial INTERCORP PERU LTD 102.2 5.47 5.28 430.52 -1.71 -29.95 -36.85 416.9 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 106.5 5.67 2.21 477.84 -11.16 -162.55 -103.88 491.41 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 100.5 4.54 5.64 335.80 1.50 -45.04 -84.88 321.87 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 103.85 5.62 5.85 439.39 7.01 -10.60 -79.09 423.05 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 95.032 6.45 4.58 535.36 -28.84 -81.97 -89.86 528.55 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 103 2.21 2.85 128.07 -13.41 -2.32 -3.08 139.49 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 108 3.17 4.81 206.50 -6.88 -22.01 -21.01 199.94 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 108 3.70 7.36 238.21 -7.77 -13.39 -15.96 222.68 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 104.5 4.57 6.52 331.71 -28.73 -28.73 -10.34 -18.8 316 5.25 VARIABLE7/15/2014 7/15/2029 CALLABLE Subordinated 300,000,000$ BBB BBB

MIVIVI 3.375 19 Financial FONDO MIVIVIENDA SA 103.46 2.06 2.57 98.65 -31.13 -41.41 -44.54 -101.5 111.52 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 101.5 3.24 5.72 198.46 -24.94 -38.81 -29.70 -45.35 186.27 3.5 FIXED 1/31/2013 1/31/2023 AT MATURITY Sr Unsecured 500,000,000$ BBB+ BBB+

Z-Spd Issue Date Rank Amount (USD MM)Corporate Industry Issuer Price YTW MdurVar Z-Spd (bps) Coupon Maturity RatingSpd

o/Sov

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

PERUGB 8.6 17 Government PERU BONO SOBERANO 104.35 440.48% 0.99 -96.89 -4.558 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 PERU BONO SOBERANO 111.02 481.47% 3.38 -19.44 -19.44 -19.44 -19.44 -5.546 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 99.824 521.98% 5.75 52.65 52.65 52.65 52.65 -12.09 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 101.82 540.99% 6.21 79.01 79.01 79.01 79.01 -7.156 5.7 FIXED 11/7/2014 8/12/2024 AT MATURITY Sr Unsecured 7,128,422,000$ A3 A-

PERUGB 8.2 26 Government PERU BONO SOBERANO 118.59 573.99% 6.83 123.76 123.76 123.76 123.76 -8.094 8.2 FIXED 5/3/2006 8/12/2026 AT MATURITY Sr Unsecured 4,593,276,000$ A3 A- A-

PERUGB 6.95 31 Government PERU BONO SOBERANO 110.37 589.98% 9.20 167.92 167.92 167.92 167.92 -8.556 6.95 FIXED 4/24/2008 8/12/2031 AT MATURITY Sr Unsecured 4,290,157,000$ A3 A-

PERUGB 6.9 37 Government PERU BONO SOBERANO 108.81 614.98% 10.99 215.37 215.37 215.37 215.37 -9.302 6.9 FIXED 7/26/2007 8/12/2037 AT MATURITY Sr Unsecured 4,750,000,000$ A3 A-

PERUGB 6.85 42 Government BONOS DE TESORERIA 104.93 645.98% 11.78 257.53 257.53 257.53 257.53 21.698 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 101.16 663.97% 13.24 297.51 297.51 297.51 297.51 39.698 6.71 FIXED 7/9/2014 2/12/2055 AT MATURITY Sr Unsecured 835,293,000$

Spd

o/SovZ-Spd Issue Date Rank Amount (USD MM)Peru Gov COP Industry Issuer Price YTW Mdur


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

PERU 7.125 19 Government REPUBLIC OF PERU 115.46 1.30 2.4676 31.68 -13 -24 -41 -78 44.20 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 138.64 2.53 6.8698 120.09 -7 -23 -41 -78 103.14 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 161.38 3.86 10.672 227.42 -9 -21 -40 -56 205.02 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 139.08 3.73 12.22 207.59 -8 -19 -43 20 183.26 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 129.36 4.04 17.207 227.83 -10 -18 -42 23 178.13 5.63 FIXED 11/18/2010 11/18/2050AT MATURITY Sr Unsecured 2,545,000,000$ A3 BBB+ BBB+

MdurSpd

o/SovIssue Date Rank Amount (USD MM)Z-SpdPeru Gov USD Industry Issuer Price YTW



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Andean Region Fixed Income Weekly - AdCap Colombia · month, headline CPI printed the highest since Dec/2000 and locals are uncertain about short term prices development. How- ever,