Andean Region Fixed Income Weekly · 2 06 de Marzo de 2015 Informe Diario de Cierre LOCAL VIEW:...

1

Informe Diario de Cierre

Andean Region Fixed Income Weekly July 26th 2016

What’s inside

Colombia update: Fitch downgrades Colombian outlook..………………………………….…………..……….......P. 2

Peru update: PPK to be sworn in as new President on Thursday……….....……………………………….........P. 2

Trade Idea: Underweight VOLCAN ‘22 Vs. Overweight MINSUR ‘24.……...…………….………..…..………....P. 3

Investors’ Note: JP Morgan Indices Rebalancing: Effect on Andean Countries..……………………….......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

Uncertainty about BanRep interest rate decision.

Impact on Turkey’s exit from the GBI-EM (IG Sub index)

Local View: Peru

Recent public sector data suggest the incoming government will start with a 3% of GDP fiscal deficit.

Recent PEN depreciation may translate into profit taking from institutional investors. Nevertheless, trad-

ing activity should be subdued due to Thursday and Friday holidays.

Trade Idea: Underweight VOLCAN ‘22 Vs. Overweight MINSUR ‘24

Spread between VOLCAN ‘22 Vs. MINSUR ‘24 has narrowed substantially in recent weeks, notoriously

below its 1Y average; we would expect this trend to revert.

Investors’ Note: JP Morgan Indices Rebalancing: Effect on Andean Countries

On July 20th, S&P cut Turkey’s LCY debt to BB+; JP Morgan rebalanced its EM Global Diversified IG. Tur-

key’s weight fell from 13.47% to 0%, and such portion was spread among other countries, some of them

Andean.

According to our forecasts, Colombia might raise its quota from 10.32% to 14.45% and Peru from 2.83%

to 3.75%. It is expected that the announced weight changes imply cash inflows of around $413M to Co-

lombian bonds and $92M to Peruvian bonds.

Andean Region — Fixed Income

2

06 de Marzo de 2015


LOCAL VIEW: COLOMBIA

Local markets weakened due to Fitch's downgraded outlook on Colombia (to negative), global risk

off sentiment and falling commodities prices. Such factors pushed long end local currency denomi-

nated bonds (TES) yields higher .

Locals will focus on BanRep decision, on whether it will raise 25bps the overnight rate or keep it

unchanged at 7.5%. Local traders and analysts are divided, however we expect no hike, despite

June’s faster inflation. We believe that food prices will start to slow, even more now that truckers’

strike is over.

Government officials reached to an agreement to end transporters strike (lasted 48 days). This

would reduce food prices, which have risen due to the lack of supply. However, market is expecting

price pressures that would be evident in July’s inflation report.

JPM rebalanced Colombia’s weight on the GBI-EM index, dropping to 7.12% from 7.30%, but in-

creasing slightly its duration to 5.08 (+0.01). Additionally JPM released a note to investors explain-

ing the impact on Turkey’s exit from the GBI-EM (IG Sub index):

Turkey, which has a weight in the sub index of 13%, will exit the index.

Cash amount dedicated to the benchmark is around $10Bn

JPM states that the top three countries that will benefit from Turkey’s exit are: Colombia,

Thailand and Romania.

LOCAL VIEW: PERU

There were no important economic releases this week except for public sector finances, which

showed that the new government will start its 5-year tenure with a 3% of GDP fiscal deficit. The in-

coming Economy Minister has said that they are aware of this fiscal position and the deficit will be

reduced to 1% by 2021, and that new debt will be issued as a source of funding.

Risk appetite towards EM Latam assets seems to have reached a key hurdle, as a majority of Peru-

vian bonds’ prices are receding. As a FED rate hike this year increases its chances of occurrence,

markets are starting to overweight short duration.

Both USD and PEN sovereign yield curves remained flat since last week, with less valuation towards

the end of the week. Sovereigns, especially at the belly of the curve, showed spread widening.

We expect that recent PEN depreciation will traduce in profit taking from institutional investors.

Nevertheless, not much trading activity is expected, as Thursday and Friday are off because of Inde-

pendence Holiday.

On Thursday, July 28th, Pedro Pablo Kuczynski (PPK) will be sworn in as next President, giving a

keynote speech on Congress. This speech should mention main intended themes of his govern-

ment, specially economic measures as infrastructure projects and tax reform. Regarding economic

data, CPI data for July and leading indicators for June will be released on Monday, and we expect

recent downward inflation trend to continue.


BanRep deci-

sion on rising

rates by 25bps?

End of trans-

porters Strike

Turkey will exit

form de GBI–

EM IG Index

Fiscal deficit has

widened, reaching

3% of GDP. Fiscal

policy under con-

trol is a key chal-

lenge for the new

administration

PPK will sworn in as

President on 28/07.

Expectations regard-

ing upcoming eco-

nomic measures

3

06 de Marzo de 2015


JP MORGAN INDICES REBALANCING: EFFECT ON ANDEAN COUNTRIES

Last July 20th, Standard and Poor’s downgraded Turkey’s local currency debt one notch to BB+ and therefore, JP Morgan

rebalanced its Investment Grade benchmark portfolios, specifically the EM Global Diversified IG. Turkey’s weight fell from

13.47% to 0%, and such portion was spread among other countries, some of them Andean. How the new weights would af-

fect Colombian and Peruvian curves?

To begin with, according to our forecasts, Colombia might raise its quota from 10.32% to 14.45% and Peru from 2.83% to

3.75%. The cash amount dedicated to the benchmark is around $10Bn (JP Morgan) therefore it is expected that the an-

nounced weight changes imply cash inflows of around $413M to Colombia and $92M to Peru. Benchmark is focused on lo-

cal currency debt, therefore it is expected additional flows of around COP 1.3 trillion in Colombia and PEN 309M in Peru be-

fore Sept. 30th. Bonds receiving the greatest impact would be:

In Colombia: TES Jul/24: $95.6 M, TES Jul/20: $69.5 M, TES Aug/26: $47.7 M

In Peru: PERU Aug/31: $22.4 M, PERU Aug/26; $19.59 M, PERU Aug/24: $17.2 M.

Such fresh inflows to Andean countries would both revalue local currency debt and improve their perspective among off-

shore funds. Currently external funds are key players in Andean local markets, and they would continue to have an important

role because worldwide liquidity conditions are buoyant after the June 23rd referendum in the UK.

Ideas tracking record

Underweight VOLCAN ‘22 Vs. Overweight MINSUR ‘24

Spread between VOLCAN ‘22 Vs. MINSUR ‘24 has narrowed sub-

stantially in recent weeks, notoriously below its 1Y average; we

expect this trend to gradually revert.

Entry/Current Spread: 74.8 bps.

Target Spread: 301.4 bps.

If spread narrow beyond 36 bps, we recommend to close the trade.

More about:

VOLCAN 5 ⅜ 02/02/22 Bloomberg: EJ002908 <Corp>

MINSUR 6¼ 02/07/2024 REGS Bloomberg: <Corp>

Ideas tracking record

We recommend closing, the following ideas:

(July 5th) OW Grupos '21 Vs. UW Davivi '22, to cash in 55 bps.

(July 19th) OW Ecopet ‘43 Vs. UW Ecopet ‘23, realizing 19 bps

loss.

Source: Bloomberg, Calculated by AdCap Colombia and Peru

06 de Marzo de 2015



4

6

8

10

12

14

16

18

20

22

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

Jul-1

6

Yie

ld t

o M

atu

rity

(%

)

VOLCAN 22 MINSUR 24

Low: 4,2

High: 1007,01

Ave: 30716

0

100

200

300

400

500

600

700

800

900

1000

1100

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

Jul-1

6

Ba

sis

Po

ints

Average 1Y

4

06 de Marzo de 2015


IDEAS TRACKING RECORD

06 de Marzo de 2015



Opening Date TradeLast Trade Idea

Entry Spread

Avg. Spread/

Target

Current

Spread

Closed

atDif f

19-Jul-16 OW ECOPET '43 Vs UW ECOPET '23 174 144 193 -19

19-Jul-16 OW ABENGO '43 Vs UW PERU '33 250 215 240

12-Jul-16 OW TGPERU '28 Vs UW PERU '27 127 93 107

5-Jul-16 OW Grupos '21 Vs UW Davivi '22 96 125 151 55

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 '23 189 150 173

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 59 2

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

(CANACOL) The Oboe-1 well has been completed and is now in the process of being connected to the Clarinete flow

line. Furthermore, it is expected to be put on permanent production on Sep. 1st, 2016. This well will add gas re-

serves of 38 trillion cubic feet standard per day.

(ISAGEN) BREE Colombia Investments, the main shareholder of ISAGEN and BREE Colombia Hydro Investments Ltd.

published a notice offering a public takeover for ordinary shares of ISAGEN in the secondary market. On the other

hand S&P Global Ratings confirmed credit rating 'BBB', maintaining a stable outlook.

(ECOPETROL) signed a commercial agreement with BP Products North America Inc. to select the best crude oil, be-

tween domestic and imported, to maximize profitability in the sale of fuels and refined products of Reficar.

(DAVIVIENDA) On Wednesday, July 27 they will place ordinary bonds of up to $ 600,000 million within three, seven

and twelve years duration. These will be issued with fixed rates and indexed to the CPI plus a spread (for the medi-

um and long term). On the other hand, Moody's confirmed the international issuer rating 'Baa3' for long-term and

short-term of 'P-3 'and the senior debt issued for USD 500 million of 'Baa3' , maturing in 2018.

(BANCOLOMBIA) Fitch published a technical report rating for Leasing Bancolombia with a stable long-term perspec-

tive, highlighting the good financial performance, asset quality and adequate liquidity.

GASODUCTO SUR PERUANO (GSP): The selling project of Odebrecht’s assets in this project will be finished on August

25th. Brazilian company owns 55% of GSP consortium and 71% of the infrastructure construction.

FERREYCORP: lower machinery sales to mining and construction segment leaves 2Q16 sales revenues and EBITDA

15.5% and 20.3% below 2Q15 levels. EBITDA mg. fell to 11.1% from 14.1% in 1Q16, due to higher SG&A expenses.

UNACEM: revenues fell to PEN 465 million (-2.3% YoY) in 2Q16 due to delays in Lima Metro Line 2. Operational effi-

ciency also fell, with EBITDA margin at 40.3% vs. 42.1% in 2Q15. Nevertheless, net income increased to PEN 44

million (+51% YoY) as a result of lower noncash FX losses.

CERRO VERDE: company in charge of this copper mine expects to enlarge 5 years (to 2045) the operating life of the

mine, improving its mining plan and reserves. Expected investment for this purpose is USD 1,900 million.

CEMENTOS PACASMAYO: solid 2Q16 performance, with an increase of 11.2% YoY on cement volumes and 9.1% YoY

on revenues. No more clinker imports were needed, as the new Piura plant satisfied existing demand. However, net

income fell as interest expense from the US$ 300MM bond was recorded in the P&L.

WHAT-TO-WATCH. ECONOMIC AND CORPORATE CALENDAR


Date Country US Eastern Time Event Period Expected Previous

July 29, 2016 COL 11:00 Unemployment report Jun 8.80%

COL 11:00 Urban Unemployment Jun 9.50% 9.00%

COL 15:00 Central Bank Ordinary meeting 7.75% 7.50%

August 1, 2016 PER CPI YoY Jul 3.30% 3.34%

PER Leading activity indicators Jun

August 2, 2016 COL 15:00 Trade Balance//Exports FOB Jun $2,683.50

COL 15:00 Colombia Leading Economic Index May 0.60%

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

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

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 17 101.6 0.00% 0.30% 0.64% -0.29%

AVALCB 4.75 22 98.35 -0.10% -1.91% 1.65% 4.42%

BANBOG 5 17 101.7 0.00% 0.40% 0.40% 0.30%

BANBOG 5.375 23 102 -0.97% 0.99% 1.75% 4.88%

BCOLO 6.875 17 104.4 0.00% -0.36% 0.02% -0.12%

BCOLO 6.125 20 108.1 -1.38% -0.39% 1.17% 5.49%

BCOLO 5.95 21 110.1 0.00% -0.49% 1.25% 6.85%

BCOLO 5.125 22 103.3 -0.67% 0.24% 2.28% 7.05%

DAVIVI 2.95 18 101.2 0.00% 0.39% 0.74% 1.75%

DAVIVI 5.875 22 103.7 -1.33% -0.70% 0.14% 2.67%

GNBSUD 3.875 18 100.1 0.00% 0.18% 1.52% 2.67%

GNBSUD 7.5 22 104 -2.51% -0.81% 1.36% 2.97%

GRUPOS 5.7 21 109 2.59% 0.83% 2.49% 3.96%

SUAMSA 4.875 24 105 0.00% -0.24% 1.94% 2.94%

BANGAN 4.875 25 102.8 0.00% 0.29% 2.44% 7.36%

ECOPET 4.25 18 104.8 0.00% -0.48% 1.45% 4.02%

ECOPET 7.625 19 115 -0.67% -0.86% 0.30% 5.99%

ECOPET 5.875 23 106.6 -0.47% -1.64% 4.79% 13.82%

ECOPET 4.125 25 93 -4.02% -3.63% 2.48% 15.89%

ECOPET 5.375 26 100.5 1.16% 0.60% 3.08% 15.52%

ECOPET 7.375 43 102 -0.97% -0.61% 4.35% 21.17%

ECOPET 5.875 45 90.34 -3.11% -0.17% 7.55% 25.91%

OCENSA 4 21 101 0.00% 0.00% 3.06% 4.12%

PRECN 5.375 19 17.63 0.00% -4.73% -6.00% -21.67%

PRECN 7.25 21 18 0.00% -7.69% -9.50% 0.00%

PRECN 5.125 23 17.5 0.00% 0.00% 6.06% -5.41%

PRECN 5.625 25 18.63 0.00% 0.68% 2.05% -8.25%

EEBCB 6.125 21 104.4 0.00% 0.94% -0.36% 2.33%

EEBCB 5.7 22 104.5 0.00% -0.24% 0.14% 3.47%

EEPPME 7.625 19 115.3 -0.39% -0.06% -0.28% 2.53%

TELEFO 5.375 22 98.5 -1.50% 1.03% 2.05% 5.35%

TELEFO 8.5 49 94 0.75% 0.53% 4.74% 8.67%

PFAVHC 8.375 20 88.35 0.00% 2.14% 5.30% 35.40%

Price Chg (%)Corporate

Daily Week ly 3M YDT

COLOM 5 45 104 -1.00% -2.33% 5.25% 23.66%

COLOM 5.625 44 110.9 -0.96% -2.18% 4.58% 21.18%

COLOM 6.125 41 115.9 -1.01% -2.17% 4.22% 19.14%

COLOM 7.375 37 129.8 -0.78% -1.85% 3.56% 17.21%

COLOM 10.375 33 154.9 -0.52% -1.18% 3.22% 11.28%

COLOM 11.85 28 177.1 -0.56% -0.87% 2.76% 9.87%

COLOM 8.375 27 127.3 0.00% 0.00% 0.20% 1.20%

COLOM 8.125 24 130.8 -0.39% -0.69% 2.07% 8.29%

COLOM 4 24 104.4 -0.39% -1.13% 2.00% 9.43%

COLOM 2.625 23 97.11 -0.32% -1.05% 2.17% 9.97%

COLOM 4.375 21 107.8 -0.26% -0.67% 1.67% 7.06%

COLOM 11.75 20 132.1 -0.22% -0.49% 0.63% 2.18%

COLOM 7.375 19 114.1 -0.18% -0.41% 0.30% 1.72%

COLOM 7.375 17 103.2 -0.05% -0.14% -0.37% -2.03%

COLOM 8.66 16 101.5 -0.03% -0.17% -0.54% -3.29%

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

Colombia Gov USD PricePrice Chg (%)

-10.0%

-8.0%

-6.0%

-4.0%

-2.0%

0.0%

2.0%

4.0%

Weekly Price Chg

-2.5%

-2.0%

-1.5%

-1.0%

-0.5%

0.0%

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

0

1

2

3

4

5

6

7

8

9

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

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 101.55 2$ 0.4877 131.41 -2.0037 (77)$ -171.56 172.97 5$ FIXED 01/02/201201/02/2017 AT MATURITY Sr Unsecured 600000000 Ba2 BBB /*-

AVALCB 4.75 22 Financial GRUPO AVAL LTD 98.35 5.06 5.19 383.03 4.13 30.71 -40.92 376.84 4.75 FIXED 26/09/201226/09/2022AT MATURITY Sr Unsecured 1,000,000,000$ Ba2 BBB /*-

BANBOG 5 17 Financial BANCO DE BOGOTA SA 101.65 1.40 0.46 57.07 -2.55 -152.97 -152.97 -219.6 99.355 5 FIXED 19/12/201115/01/2017AT MATURITY Sr Unsecured 600,000,000$ Baa2 BBB+ /*- BBB-

BANBOG 5.375 23 Financial BANCO DE BOGOTA SA 102 5.01 5.36 375.72 19.96 -23.70 -41.40 366.52 5.38 FIXED 19/02/201319/02/2023AT MATURITY Subordinated 500,000,000$ Ba2 BBB /*-

BANBOG 6.25 26 Financial BANCO DE BOGOTA SA 105.3 5.54 7.24 412.73 397.74 6.25 FIXED 12/05/201612/05/2026AT MATURITY Subordinated 600,000,000$ Ba2 BBB /*-

BCOLO 6.875 17 Financial BANCOLOMBIA SA 104.37 1.50 0.80 63.60 -1.67 25.41 -69.13 100 6.88 FIXED 25/05/200725/05/2017AT MATURITY Subordinated 199,512,000$ Ba1 BBB /*-

BCOLO 6.125 20 Financial BANCOLOMBIA SA 108.13 3.91 3.55 280.88 41.20 3.50 -52.38 290.1 6.13 FIXED 26/07/201026/07/2020AT MATURITY Subordinated 620,000,000$ Ba1 BBB /*-

BCOLO 5.95 21 Financial BANCOLOMBIA SA 110.06 3.66 4.20 251.32 -0.30 4.29 -46.05 253.9 5.95 FIXED 27/10/201103/06/2021AT MATURITY Sr Unsecured 995,643,000$ Baa2 BBB+ /*-

BCOLO 5.125 22 Financial BANCOLOMBIA SA 103.3 4.50 5.13 327.05 15.08 -10.65 -53.99 321.06 5.13 FIXED 11/09/201211/09/2022AT MATURITY Subordinated 1,424,513,000$ Ba1 BBB /*-

DAVIVI 2.95 18 Financial BANCO DAVIVIENDA SA 101.24 2.11 1.46 116.71 0.86 -34.03 -59.42 145.28 2.95 FIXED 29/01/201329/01/2018AT MATURITY Sr Unsecured 500,000,000$ Baa3 BBB BBB-

DAVIVI 5.875 22 Financial BANCO DAVIVIENDA SA 103.65 5.15 4.98 393.70 28.99 7.84 -14.81 388.6 5.88 FIXED 09/07/201209/07/2022AT MATURITY Subordinated 500,000,000$ Ba2 BBB-

GNBSUD 3.875 18 Financial BANCO GNB SUDAMERIS SA 100.05 3.84 1.67 288.64 1.37 -17.16 -106.91 313.72 3.88 FIXED 02/05/201302/05/2018AT MATURITY Sr Unsecured 300,000,000$ Ba1

GNBSUD 7.5 22 Financial GNB SUDAMERIS BANK SA 104 6.68 4.64 546.63 54.96 10.76 -21.17 540.51 7.5 FIXED 30/07/201230/07/2022AT MATURITY Subordinated 250,000,000$ B1

GRUPOS 5.7 21 Financial GRUPOSURA FINANCE 109 3.64 4.18 249.17 -58.56 -31.21 -56.33 252.08 5.7 FIXED 18/05/201118/05/2021AT MATURITY Sr Unsecured 300,000,000$ BBB BBB

SUAMSA 4.875 24 Financial SUAM FINANCE BV 105 4.11 6.34 278.86 2.14 -3.11 -37.80 267.04 4.88 FIXED 17/04/201417/04/2024AT MATURITY Sr Unsecured 500,000,000$ Baa1 BBB+

BANGAN 4.875 25 Financial BBVA COLOMBIA SA 102.8 4.48 6.99 310.86 0.91 -9.12 -39.96 298.26 4.88 FIXED 21/04/201521/04/2025AT MATURITY Subordinated 400,000,000$ Baa3 BBB

ECOPET 4.25 18 Energy ECOPETROL SA 104.75 1.97 2.02 98.51 1.60 14.43 -97.22 119.65 4.25 FIXED 18/09/201318/09/2018AT MATURITY Sr Unsecured 350,000,000$ Baa3 BBB BBB

ECOPET 7.625 19 Energy ECOPETROL SA 115 2.39 2.71 135.16 26.16 22.11 -25.46 152.06 7.63 FIXED 02/10/200923/07/2019AT MATURITY Sr Unsecured 1,497,705,000$ Baa3 BBB BBB

ECOPET 5.875 23 Energy ECOPETROL SA 106.63 4.77 5.72 348.21 10.18 22.51 -89.62 336.09 5.88 FIXED 18/09/201318/09/2023AT MATURITY Sr Unsecured 1,800,000,000$ Baa3 BBB BBB

ECOPET 4.125 25 Energy ECOPETROL SA 93 5.16 6.98 379.00 60.77 47.82 -40.00 367.08 4.13 FIXED 16/09/201416/01/2025AT MATURITY Sr Unsecured 1,200,000,000$ Baa3 BBB BBB

ECOPET 5.375 26 Energy ECOPETROL SA 100.5 5.31 7.43 389.50 -13.34 -12.81 -45.11 375.34 5.38 FIXED 26/06/201526/06/2026CALLABLE Sr Unsecured 1,500,000,000$ Baa3 BBB BBB

ECOPET 7.375 43 Energy ECOPETROL SA 102 7.21 11.50 551.52 9.94 1.86 -33.31 501.77 7.38 FIXED 18/09/201318/09/2043AT MATURITY Sr Unsecured 850,000,000$ Baa3 BBB BBB

ECOPET 5.875 45 Energy ECOPETROL SA 90.344 6.63 12.93 490.87 25.82 -1.89 -53.09 438.13 5.88 FIXED 28/05/201428/05/2045AT MATURITY Sr Unsecured 2,000,000,000$ Baa3 BBB BBB

OCENSA 4 21 Energy OLEODUCTO CENTRAL SA 101 3.77 4.28 261.84 -6.51 -6.51 -64.80 265.38 4 FIXED 07/05/201407/05/2021AT MATURITY Sr Unsecured 500,000,000$ Baa3 BBB

PRECN 5.375 19 Energy PACIFIC EXPLORATION AND 17.625 101.32 1.41 ###### 31.74 -655.28 -119.56 10051 5.38 FLAT TRADING 26/11/201326/01/2019CALLABLE Sr Unsecured 1,300,000,000$ C D

PRECN 7.25 21 Energy PACIFIC EXPLORATION AND 18 60.48 2.22 5935.16 18.00 392.25 611.39 5928.6 7.25 FLAT TRADING 12/12/201112/12/2021CALLABLE Sr Unsecured 690,549,000$ C D

PRECN 5.125 23 Energy PACIFIC EXPLORATION AND 17.5 47.83 2.79 4662.91 6.31 23.81 -71.34 4647.1 5.13 FLAT TRADING 28/03/201328/03/2023CALLABLE Sr Unsecured 1,000,000,000$ C D

PRECN 5.625 25 Energy PACIFIC EXPLORATION AND 18.625 39.19 3.44 3792.64 6.26 -493.26 -453.69 3770.6 5.63 FLAT TRADING 19/09/201419/01/2025CALLABLE Sr Unsecured 1,113,651,000$ C D

EEBCB 6.125 21 Utilities EMPRESA DE ENERGIA DE BO 104.38 1.37 0.28 60.12 -5.40 -347.24 -16.15 105.28 6.13 FIXED 10/11/201110/11/2021CALLABLE Sr Unsecured 749,000,000$ Baa2 BBB BBB-

TRAGSA 5.7 22 Energy TRANSPRTDRA DE GAS INTL 104.5 2.99 0.62 214.72 -1.22 21.13 -67.30 253.72 5.7 FIXED 20/03/201220/03/2022CALLABLE Sr Unsecured 750,000,000$ Baa3 BBB BBB-

EEPPME 7.625 19 Utilities EMPRESAS PUBLIC MEDELLIN 115.3 2.32 2.73 128.10 13.20 -7.38 -21.62 144.87 7.63 FIXED 29/07/200929/07/2019AT MATURITY Sr Unsecured 500,000,000$ Baa3 BBB+

TELEFO 5.375 22 Communications COLOMBIA TELECOMM SA ESP 98.5 5.67 5.08 443.40 31.37 -25.47 -49.05 436.93 5.38 FIXED 27/09/201227/09/2022CALLABLE Sr Unsecured 750,000,000$ BB BB

TELEFO 8.5 49 Communications COLOMBIA TELECOMUNICACIO 94 10.50 2.97 942.12 -22.22 -22.94 -162.57 954.35 8.5 VARIABLE 30/03/2015#N/A Field Not ApplicablePERP/CALL Jr Subordinated 500,000,000$ B+ B

PFAVHC 8.375 20 Consumer, CyclicalAVIAN HLDS SA/LEASING/GR 88.35 12.31 3.03 1123.08 2.36 -73.12 -174.93 1133.5 8.38 FIXED 10/05/201310/05/2020CALLABLE Sr Unsecured 550,000,000$ 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 104 4.74 15.25 295.40 5.29 9.74 -30.37 -71.38 248.18 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 110.88 4.90 14.19 312.88 6.32 10.37 -27.78 -64.49 268.78 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 115.88 4.99 13.44 324.88 7.08 11.19 -28.39 -62.52 287.87 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 129.78 5.06 11.70 335.64 6.02 10.03 -29.07 19.97 306.4 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 154.82 5.34 9.55 368.46 0.98 2.15 -40.64 26.59 346.37 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 177.11 3.64 7.53 212.76 3.50 0.32 -47.44 195.79 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 7.22 316.70 -40.06 -46.16 -49.94 -1.104 301.07 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 130.79 3.57 6.02 221.39 4.63 1.37 -49.11 -9.692 208.08 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 104.4 3.32 6.24 197.66 5.27 9.29 -43.18 -9.125 186.52 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 97.095 3.11 5.96 180.31 4.30 8.76 -47.60 -21.91 171.79 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 107.76 2.69 4.46 148.32 4.19 4.23 -56.41 -36.12 150.4 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 132.06 2.34 2.95 118.83 0.86 -2.70 -63.22 -70.39 130.69 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 114.05 1.89 2.38 79.58 1.35 -0.65 -54.27 -69.59 98.085 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 103.19 0.90 0.49 -11.96 -8.64 -18.12 -60.25 -96.24 29.542 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 101.48 0.79 0.19 -25.89 -25.00 -24.68 -77.62 19.223 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 100.84 7.65 7.93 27.41 -6.76 -14.75 -2.50 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 87.506 7.64 7.80 28.15 3.21 3.21 -1.12 5.8945 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 99.702 7.54 6.46 28.84 -3.10 -9.47 -7.83 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 116.25 7.25 5.62 18.62 -2.37 -2.81 -17.14 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 99.327 7.14 4.55 18.58 -2.09 -5.13 -9.85 0 7 FIXED 5/9/2012 5/4/2022 AT MATURITY Sr Unsecured 12,194,268,218,000$ Baa2 BBB+ BBB+

COLTES 11 20 Government TITULOS DE TESORERIA B 113.53 7.00 3.25 10.71 1.90 -1.98 -3.55 0 11 FIXED 7/29/2005 7/24/2020 AT MATURITY Sr Unsecured 11,045,535,135,000$ Baa2 BBB+ BBB+

COLTES 7 19 Government TITULOS DE TESORERIA B 99.978 7.00 2.57 9.67 1.49 -3.66 -12.96 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 95.947 6.93 2.04 -6.32 0.53 -3.04 -10.22 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 108.44 7.02 1.84 0.47 9.13 -6.37 -11.64 9.2 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 112.82 3.78 12.52 -261.44 -386.7 4.75 FIXED 3/2/2016 4/4/2035 AT MATURITY Unsecured 5,002,189,000$

COLTES 3 33 Government TITULOS DE TESORERIA B 91.745 3.67 12.57 -274.72 -40.47 -40.47 -40.47 -397.7 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 100.98 3.37 7.41 -258.75 -23.96 -8.37 -15.91 -399.1 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 108.74 3.25 5.56 -242.16 -0.10 5.59 -35.45 -392.8 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 102.03 3.02 4.17 -230.12 2.31 2.31 -35.87 -402.8 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 101.98 2.73 2.55 -202.47 1.31 2.87 -36.27 -423 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 101.94 1.80 0.79 -391.34 -92.33 -90.00 -137.66 -512.9 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)


COLTES 7.75 30 100.8 0.38% 1.70% 4.13% 13.47%

COLTES 6 28 87.64 0.55% 0.55% 4.06% 12.18%

COLTES 7.5 26 99.63 0.07% 1.05% 3.89% 8.53%

COLTES 10 24 116.3 -0.08% 0.59% 3.02% 5.51%

COLTES 7 22 99.41 0.05% 0.46% 1.73% 4.21%

COLTES 11 20 113.6 -0.11% 0.05% 0.36% 1.09%

COLTES 7 19 99.99 -0.09% 0.11% 0.56% 1.62%

COLTES 5 18 95.95 -0.02% 0.09% 0.39% 1.55%

COLTES 11.25 18 108.4 -0.33% 0.06% -0.02% -1.04%

Colombia Gov Cop PricePrice Chg (%)

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 23 102.85 0.00% 1.33% 3.47% 10.00%

UNACEM 5.875 21 104.53 0.00% 0.12% 3.73% 8.07%

AJECBV 6.5 22 43.25 0.00% 2.37% 7.45% 8.13%

MAESPE 6.75 19 104.43 0.00% 0.00% 1.39% -0.07%

ISCORP 8.375 21 104.49 0.00% -0.13% -0.01% 7.06%

TGPERU 4.25 28 102.325 0.00% 0.07% 2.40% 6.83%

TRANSM 4.375 23 101.75 0.00% 0.35% 0.35% 4.63%

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

BCOCPE 5.75 17 102 0.00% -0.15% -0.29% -0.97%

BCOCPE 3.25 18 102.1 0.00% -0.29% 0.20% 1.59%

BCOCPE 5.5 20 111.405 0.00% 0.39% 1.28% 3.87%

BCOCPE 5 22 110.5 0.00% -0.90% 3.03% 7.41%

BCOCPE 5.25 29 107.3 0.26% 2.93% 3.42% 10.81%

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

BCP 2.75 18 101.625 0.00% 0.12% 0.62% 1.57%

BCP 5.375 20 111.75 -0.70% -0.33% 0.90% 4.03%

BCP 4.25 23 107.75 0.00% 0.65% 3.41% 8.16%

BCP 6.875 26 114.35 0.00% 0.75% 1.87% 5.60%

BCP 6.125 27 110.75 -0.89% -0.89% 2.67% 6.49%

BINTPE 5.75 20 111 -0.27% 0.85% -0.05% 5.21%

BINTPE 6.625 29 109.5 0.57% 0.46% 2.93% 9.36%

BNSCN 4.5 27 103.375 0.07% 1.84% 3.10% 8.65%

IFHBH 5.875 25 105.35 1.40% 2.51% 3.90% 11.19%

HOCLN 7.75 21 106.5 0.00% -1.43% 2.16% 18.20%

MILPOC 4.625 23 99.75 0.25% -0.75% 5.84% 12.08%

MINSUR 6.25 24 102.97 0.00% -0.35% 3.75% 11.68%

VOLCAN 5.375 22 96.088 -1.45% -0.53% 7.96% 50.48%

COFIDE 3.25 19 103 -0.15% -0.12% 0.37% 3.13%

COFIDE 4.75 22 108.53 0.00% 0.03% 1.55% 6.93%

COFIDE 4.75 25 108.125 0.00% -1.11% 2.13% 9.77%

COFIDE 5.25 29 108.85 0.00% 2.06% 6.20% 10.73%

MIVIVI 3.375 19 103.344 -0.03% -0.18% 0.48% 3.62%

MIVIVI 3.5 23 101.515 -0.01% -0.22% 1.93% 7.22%

Price Chg (%)Corporate Price

Daily Weekly 3M YDT

PERU 7.125 19 114.975 -0.08% -0.43% 0.13% 0.73%

PERU 7.35 25 136.65 -0.34% -1.18% 1.75% 8.79%

PERU 8.75 33 158.998 -0.43% -1.17% 3.92% 12.89%

PERU 6.55 37 136.68 -0.42% -1.33% 4.71% 17.64%

PERU 5.625 50 126.468 -0.62% -1.59% 6.15% 23.09%

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%-1.5%-1.0%-0.5%0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5% 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

-2.0%

-1.5%

-1.0%

-0.5%

0.0%

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 17 104.943 0.00% 0.00% 0.17% -0.24%

PERUGB 7.84 20 112.021 0.00% 0.00% 2.76% 6.44%

PERUGB 5.2 23 100.405 0.00% 0.00% 5.08% 12.23%

PERUGB 5.7 24 102.018 0.00% 0.00% 4.72% 12.44%

PERUGB 8.2 26 118.321 0.00% 0.00% 5.59% 12.58%

PERUGB 6.95 31 109.742 0.00% 0.00% 9.09% 18.94%

PERUGB 6.9 37 107.833 0.00% 0.00% 9.08% 19.02%

PERUGB 6.85 42 105.434 0.00% 0.00% 9.29% 18.33%

PERUGB 6.7142 55 101.986 0.00% 0.00% 8.45% 18.06%

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 102.85 4.00 5.51 274.39 2.45 -28.99 -56.68 265.79 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 104.53 4.69 3.70 357.40 2.42 -10.01 -113.47 364.53 5.88 FIXED 10/31/2014 10/30/2021CALLABLE Sr Unsecured 625,000,000$ Ba2 BB+

AJECBV 6.5 22 Consumer, Non-cyclicalAJECORP BV 43.25 25.95 3.74 2475.88 1.81 -61.57 -163.00 2470 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 104.43 0.08 0.16 -67.88 -99.52 -99.52 -764.93 -486.7 -22.3 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 104.49 3.91 0.07 318.30 -16.17 24.18 -239.42 -1483 364.16 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 102.33 3.96 7.85 252.88 2.35 -5.33 -33.60 240.21 4.25 FIXED 4/30/2013 4/30/2028 SINKABLE Sr Unsecured 850,000,000$ Baa1 BBB+ BBB+

TRANSM 4.375 23 Utilities TRANSMANTARO 101.75 4.08 5.77 280.70 2.46 0.46 0.46 -10.36 270.33 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 0.00 150.26 -9.00 -9.00 -9.00 -24.46 192.07 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 1.46 0.47 63.50 -6.36 7.60 -21.85 -145.9 106.05 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 102.1 1.98 1.63 103.17 1.45 3.95 -37.28 129 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) 111.41 2.68 3.83 155.87 -3.01 -36.19 -37.61 -67.18 162.76 5.5 FIXED 11/18/2010 11/18/2020AT MATURITY Sr Unsecured 350,000,000$ A- BBB+

BCOCPE 5 22 Financial BBVA BANCO CONTINENTAL 110.5 3.09 5.18 186.44 2.37 10.88 -68.67 180.8 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 107.3 4.18 6.54 283.89 -1.53 -48.60 -44.11 271.84 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 101.63 1.61 1.41 67.71 -4.09 -16.56 -57.34 96.607 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 111.75 2.37 3.67 126.53 21.15 1.51 -44.36 134.77 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 107.75 2.96 5.76 169.64 2.42 -16.82 -67.47 160.11 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 114.35 3.77 4.29 260.73 2.83 -25.56 -58.48 261.04 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 110.75 4.01 4.80 280.57 21.22 12.34 -66.97 276.85 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 111 2.94 3.69 183.01 9.52 -29.89 -0.97 190.71 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 109.8 5.03 5.99 375.50 -11.32 -18.56 -60.67 362.68 6.63 VARIABLE3/18/2014 3/19/2029 CALLABLE Subordinated 300,000,000$ Ba1 BBB BBB-

BNSCN 4.5 27 Financial SCOTIABANK PERU SA 103.38 3.90 5.49 265.06 1.40 -38.44 -64.93 257.49 4.5 VARIABLE12/13/2012 12/13/2027CALLABLE Subordinated 400,000,000$ Baa2 A-

IFHBH 5.875 25 Financial INTERCORP PERU LTD 105.35 4.91 5.28 365.78 -23.20 -50.49 -61.74 356.51 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 5.65 2.25 464.49 -2.03 55.21 -101.04 483.81 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 99.75 4.67 5.59 340.74 -1.96 8.85 -108.53 330.98 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 102.97 5.76 5.80 445.59 2.43 0.68 -69.64 433.02 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 96.088 6.22 4.55 503.40 33.60 5.77 -173.54 501.47 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 2.20 2.81 116.44 5.15 -2.61 -34.08 133.82 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 108.53 3.06 4.78 186.53 2.35 -6.30 -31.78 184.79 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 108.13 3.68 7.33 229.18 2.39 11.78 -34.36 216.53 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 108.85 3.94 6.53 261.22 2.58 -36.25 -99.22 -89.29 249.05 5.25 VARIABLE7/15/2014 7/15/2029 CALLABLE Subordinated 300,000,000$ BBB BBB

MIVIVI 3.375 19 Financial FONDO MIVIVIENDA SA 103.34 2.08 2.53 92.67 -10.40 -13.88 -55.26 -107.5 111.35 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 101.52 3.24 5.69 191.82 -3.21 -7.67 -48.68 -51.98 183.84 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 104.94 363.48% 0.95 -86.62 -3.045 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 112.35 443.97% 3.35 20.13 20.13 20.13 20.13 -4.687 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 100.82 504.98% 5.72 104.81 104.81 104.81 104.81 -13.04 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 102.4 531.99% 6.17 137.19 137.19 137.19 137.19 -6.917 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 118.69 571.99% 6.78 185.80 185.80 185.80 185.80 -8.037 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 110.25 590.98% 9.15 225.83 225.83 225.83 225.83 -8.585 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 108.44 617.98% 10.92 269.85 269.85 269.85 269.85 -9.394 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 106.08 636.98% 11.81 298.00 298.00 298.00 298.00 9.6058 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 102.69 652.97% 13.34 331.56 331.56 331.56 331.56 25.606 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 114.98 1.39 2.4275 31.81 -1 1 -46 -78 50.14 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 136.65 2.72 6.9923 131.50 4 9 -37 -66 117.52 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 159 4.00 10.581 235.25 4 5 -38 -48 213.84 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 136.68 3.86 12.109 216.42 3 5 -36 -2 192.67 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 126.47 4.17 16.982 236.55 3 5 -31 3 186.54 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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