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UPDATE 2-Peru prepares for new bond sale, European roadshow
October 15, 2015 / 10:59 AM / 2 years ago

UPDATE 2-Peru prepares for new bond sale, European roadshow

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LIMA, Oct 15 (Reuters) - Peru’s government will start an investor roadshow on Monday for its fourth bond issuance in the past year, the Finance Ministry said, as it seeks to cover a growing fiscal deficit amid slow growth and slumping tax revenues.

Finance Minister Alonso Segura will travel to Europe to meet with investors Monday through Friday. He will visit London, Frankfurt, Munich, Berlin, Amsterdam, Paris, Milan and Zurich, the ministry said in a statement Thursday.

Peru appointed BBVA, BNP Paribas and JP Morgan to arrange meetings, reported IFR, a Reuters service.

Segura told Reuters last week that Peru planned to issue international bonds more regularly as a fiscal shortfall grows in the global minerals exporter.

Peru is rated A3/BBB+/BBB+ by Moody‘s, S&P and Fitch respectively.

In August Peru sold a $1.25 billion, 12-year, dollar-denominated bond to pre-finance the 2016 budget, the third time it has tapped global markets during a sharp slowdown in growth.

Slumping prices for Peru’s key copper exports have hit investments and helped erase the fiscal surpluses the Andean country enjoyed during a decade-long mining boom.

Last year Peru ran a fiscal deficit equal to 0.1 percent of gross domestic product. The government expects the shortfall to widen to 2.7 percent this year and 3.0 percent in 2016.

Ministry officials Rossana Polastri and Carlos Blanco will accompany Segura on the roadshow. (Reporting by Marco Aquino; Editing by W Simon and James Dalgleish)

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