March 17, 2017 / 7:28 PM / 8 months ago

Paraguay launches roadshow for potential $500 mln bond sale

ASUNCION, March 17 (Reuters) - Paraguay’s treasury minister and central bank president will meet with investors in the United States and Europe next week to drum up interest in a planned $500 million bond sale, the treasury ministry said in a statement on Friday.

The meetings will take place next Monday and Tuesday, with Treasury Minister Santiago Peña traveling to Boston and New York and Central Bank President Carlos Fernández Valdovinos heading up meetings in London.

The landlocked South American country’s plan to issue bonds to pay off existing debt and finance infrastructure projects ran into roadblocks last year, when lawmakers challenged the constitutionality of the planned sale. President Horacio Cartes vetoed Congress’ budget proposal, which limited debt issuance.

But the country’s Supreme Court ruled in favor of Cartes’ center-right administration in February, which the treasury ministry said at the time would serve as an assurance to investors.

“Depending on financial market conditions and the interest expressed by investors, at the end of these meetings we could go through with the sovereign bond sale,” the ministry said in the Friday statement.

Paraguay has sold $1.88 billion in sovereign debt since its market debut in 2013. (Reporting by Daniela Desantis; Writing by Luc Cohen; Editing by Sandra Maler)

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