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Informe Diario de Cierre
Andean Region Fixed Income Weekly February 16th 2016
What’s inside
Colombia update: S&P revised its rating outlook to negative (from neutral)........................................P. 2
Peru update: Central Bank to keep policy tightening, concerned about inflation…………...……...…......P. 2
Trade Idea 1: Overweight ECOPET ‘43 Vs. Underweight ECOPET ‘45.......…………………………..………....P. 3
Trade Idea 2: Overweight INKENE ‘21 Vs. Underweight TRANSM ‘23.......………………………….………....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 released the minutes of its last Board meeting. Board confident that inflation will converge to
5%.
This Friday, BanRep will hold its ordinary meeting. Expected +25 bps.
Local View: Peru
Central Bank (BCR) increased its benchmark rate by 25bps, third time in a row; increasingly concerned
about inflation.
Higher than expected DEC15 GDP brings some optimism to local markets, but we remain cautious on
1Q16 perspectives, as growth still led by primary sectors and domestic demand remain relatively weak.
Trade Idea 1: Overweight ECOPET ‘43 Vs. Underweight ECOPET ‘45
Spread between Ecopetrol ‘43 and Ecopetrol ‘45 has decreasing since Feb. 3rd, after hitting 108.4bps.
We consider that the abnormal spread widening could normalize in coming weeks, and our base scenar-
io depicts a spread reduction of around 30-25bps.
Trade Idea 2: Overweight INKENE ‘21 Vs. Underweight TRANSM ‘23
Spread between INKENE ‘21 (Inkia Energy) and TRANSM ‘23 is 471bps, reflecting an increase of Inkia
Energy’s yield, which should reverse in the short term as improving sector dynamics translates into lower
risk perception.
We aim at a spread reduction of 30bps (1-year average spread: 316bps).
Andean Region — Fixed Income
2
06 de Marzo de 2015
Informe Diario de Cierre
LOCAL VIEW: COLOMBIA
S&P revised its rating outlook for the country to negative (from neutral), reflecting risks
that Colombia's external position could deteriorate further, particularly if the government
fails to undertake timely fiscal measures to contain its budget deficit.
Decision based on oil price forecasts ($40/b in 2016, $45 in 2017, and $50 in 2018)
that weakened S&P projections for Colombia, particularly for economic growth, fiscal
balances and external deficits.
S&P expects that government makes progress with fiscal adjustment measures and suc-
cessful peace negotiations; otherwise, fiscal slippage would cause further external
weakness, worsening Colombia's credit standing.
On Friday, BanRep released the minutes of its last Board meeting, which show that
Board is still confident that inflation will start converging dramatically to 5% in 4Q2016;
impact of El Niño and weaker FX much larger than previously expected.
In 2016, slower activity will cool down demand, reducing current account deficit.
25bps hike was taken by majority; majority cited need be predictable in monetary policy
(gradual rate rises seen as prudent move in this scenario). Minority that voted for 50bps
cited a need to send a strong message to markets and to further slowdown economy.
BanRep survey to analysts also showed a rise in 2016 inflation expectations, +66bps to
5.49%. In line with these forecasts, analysts expect +25bps in BanRep's next meeting.
LOCAL VIEW: PERU
As expected, last week the Central Bank (BCR) increased its benchmark rate by 25bps
to 4.25% (third consecutive monthly hike). In its statement, BCR expressed a heightened
concern that current pressures on prices could reinforce inflationary inertia.
Given this latest action and the tone of its statement, we strengthen our conviction that
BCR will do whatever it takes to reign on inflation expectations; given inflationary inertia
risks and pressures on PEN, we expect sooner rather than later additional rate hikes.
We believe an extra 25bps hike in its March meeting is now more likely; moreover, due
to the lag with which monetary policy actions take effect in the economy, we would not
rule out an additional hike in 2Q16.
As a reaction to higher short term rates expected in coming months, the USD sovereign
curve flattened since last week, mostly as yields in the short end rose.
DEC15 GDP came higher than expected (6.4% vs. 5.2% YoY), positively surprising mar-
ket participants (on the heels of better than expected mining activity) and bringing some
optimism on 1Q16 performance.
However, since DEC15 growth was led again by primary sectors, and investment and
consumption remain subdued, we recommend caution on 2015 year-end numbers.
S&P revised Colom-
bia´s outlook
Central Bank minutes:
El Niño’s negative
effect and devaluation
more than expected
More repo hikes to
come
CPI expectations high-
er than before
Oil dependency is a key
factor
Fiscal pressure becomes
the central point
Andean Region — Fixed Income
BCR hikes key rate,
third time in a row
BCR shows growing
concern about infla-
tion pressures
We expect at least
another +50bps in
coming months
DEC15 GDP surprises
to the upside, but we
remain cautious
3
06 de Marzo de 2015
Informe Diario de Cierre
TRADE IDEA 1
Overweight Ecopetrol 2043 Vs. Underweight Ecopetrol 2045
We want to highlight an investment opportunity based on two long
term Ecopet Bonds that have similar duration.
Spread between Ecopetrol ‘43 and Ecopetrol ‘45 has decreasing
since Feb. 3rd, after hitting 108.4bps.
We consider that the abnormal spread widening could normalize
in coming weeks, and our base scenario depicts a spread reduc-
tion of around 30-25bps.
Entry/Current spread is 87. Average spread: 27.3.
If spread widens above 110bps, we recommend to close the
trade idea and realize the loss.
More about the bonds:
ECOPET 7 ⅜ 09/18/43 Bloomberg: EJ8286159 <Corp>
ECOPET 5 ⅞ 05/28/45 Bloomberg: EK2885771<Corp>
Overweight INKENE ‘21 Vs. Underweight TRANSM ‘23
Spread between INKENE ‘21 and TRANSM ‘23 is 471bps,
mostly due to an increase of Inkia Energy’s yield, which
should reverse in the short term as improving sector dynam-
ics would translate into lower risk perception.
We aim at a spread reduction of 30bps. Average spread:
315.95. If spread widens above 489bps, we recommend to
close the trade idea and realize the loss.
More about the bonds:
INKENE 8 ⅜ 04/04/21 Bloomberg: EI6274183 <Corp>
TRANSM 4 ⅜ 05/07/23 Bloomberg: EJ6603033 <Corp>
Ideas tracking record
Note: Positive trades Blue / Negative trades Red
Source: Bloomberg, Calculated by AdCap Colombia and Peru
06 de Marzo de 2015
Informe Diario de Cierre
Low: -15.8
High: 108.5
Ave: 27.3
-50
0
50
100
150
Fe
b-1
5
Ma
r-1
5
Ma
r-1
5
Ma
r-1
5
Ap
r-1
5
Ap
r-1
5
Ma
y-1
5
Ma
y-1
5
Jun
-15
Jun
-15
Jul-1
5
Jul-1
5
Au
g-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
Jan
-16
Jan
-16
Fe
b-1
6
Fe
b-1
6
Ba
sis
Po
ints
Spread Ecopet 43 Vs Ecopet 45
Average 1 year
5
6
7
8
9
10
11
Ma
y-1
5
Jun
-15
Jun
-15
Jul-1
5
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
Yie
ld t
o M
atu
rity
(%
)
ECOPET 43 ECOPET 45
3
4
5
6
7
8
9
10
11
Ma
y-1
5
Jun
-15
Jun
-15
Jul-1
5
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
Yie
ld t
o M
atu
rity
(%
)
INKENE 21 TRANSM 23
Low: 188.6
High: 489
Ave: 315.95
0
50
100
150
200
250
300
350
400
450
500
550
Fe
b-1
5
Ma
r-1
5
Ma
r-1
5
Ma
r-1
5
Ap
r-1
5
Ap
r-1
5
Ma
y-1
5
Ma
y-1
5
Jun
-15
Jun
-15
Jul-1
5
Jul-1
5
Au
g-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
Jan
-16
Jan
-16
Fe
b-1
6
Fe
b-1
6
Ba
sis
Po
ints
Spread INKENE 21 Vs TRANSM 23
Average 1 year
TRADE IDEA 2
Andean Region — Fixed Income
4
06 de Marzo de 2015
Informe Diario de Cierre
06 de Marzo de 2015
Informe Diario de Cierre
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) HARBOUR ENERGY LTD., INVESTMENT VEHICLE OF EIG, is offering to buy Pacific’s dis-
tressed bonds for 16 cents on the dollar with no accrued interest. The offer is less than a previous bid in January of
17.5 cents plus interest that failed and had no support.
(ECOPETROL) JP MORGAN CHANGED ITS ADR TARGET PRICE FROM $ 9.5 TO $ 6.5. Also, it changed the target price
for the local currency denominated stock from COP$ 1480 to COP$ 1030.
(ECOPETROL) REPORTED THAT IN 2015 THE CORPORATE GROUP ACHIEVED ITS SAVINGS GOALS FOR A TOTAL OF
COP$2.8 TRILLION, of which COP$2.2 trillion corresponded to the parent company. Given the challenging price envi-
ronment in 2016, ECOPETROL announced that it will seek additional COP$1.6 trillion savings in 2016.
(AVIANCA) CARGO OPERATED MORE THAN 150 FLIGHTS FOR VALENTINE’S DAY, During the 2016 season, the Com-
pany recorded the highest volume of cargo to Miami, mobilizing 821 tones of flowers in one single day. Avianca Car-
go’s itinerary for the season was satisfactorily followed, reaching 95 percent reliability for scheduled transfers.
(ISA) “SUPERINTENDENCIA FINANCIERA” AUTHORIZED AN INCREASE IN QUOTA OF PUBLIC DEBT OF COP$3.5 BIL-
LION. These resources will be destined for issue and placement of shares, in order to cash flow requirements.
METALS & MINING: SOUTHERN COOPER CORPORATION AND VOLCAN RELEASED THEIR 4Q15 RESULTS. Perfor-
mance of both firms has been affected by the downtrend in metals prices. Nevertheless, Southern increased the
volume of copper and zinc sold, but that was not enough to beat last year’s net income ($736.4 MM vs. $1,333
MM). Volcan had a net income in 4Q15 of US$ 1.1 MM; less than the US$ 10.3 MM.
PERUVIAN FINANCIALS REPORTED MIXED RESULTS: Credicorp Ltd. recorded a 4Q15 recurring net income of PEN
769.6 MM (+3.3% QoQ, +23% YoY). On the other hand, IFS reported a net profit contraction of 18.5% YoY and
45.9% QoQ in 4Q15 (on higher operating expenses and negative performance in subsidiary Interseguro). Finally,
BBVA Continental’s higher operating expenses in 4Q15 was the main driver of its 6.2% YoY drop in net income
(barely +2.1% 2015 vs. 2014, underperforming BCP, Interbank and Scotiabank).
CEMENTOS PACASMAYO WITH HIGHER REVENUES, THOUGH NET INCOME FELL IN 4Q15. Revenues grew 8.7% YoY
on enhanced preventive public investment due to El Niño, but net profit was PEN 59.8 MM, 1.9% less than 4Q14.
WHAT-TO-WATCH. ECONOMIC AND CORPORATE CALENDAR
Date Country US Eastern Time Event Period Expected Previous
17/02/2016 COL 14:00 Retail Sales YoY Dec 0.40% -0.30%
COL 14:00 Industrial Production YoY Dec 4.20% 4.80%
19/02/2016 COL 14:00 CIF Total Imports Dec 4243
COL Interes Rate overnight 6.25% 6.00%
PER GDP YoY 4Q15 2.90%
PER Current Account Balance (% GDP) 4Q15 -4.90%
PER Fiscal Balance (% GDP) 4Q15 -3.30%
23/02/2016 COL 17:00 Celsia Earnings Report 4Q15
Andean Region — Fixed Income
5
06 de Marzo de 2015
Informe Diario de Cierre
COLOMBIA—Indicative prices
Source: Reuters; Bloomberg, calculated by Ad Cap Colombia.
06 de Marzo de 2015
Informe Diario de Cierre
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
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 14
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
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
1
2
3
4
5
6
7
8
1 6 11
Yie
ld t
o M
atu
rity
(%
)
Duration
Daily Week ly 3M YDT
AVALCB 5.25 17 102.125 0.00% 0.03% 0.12% 0.27%
AVALCB 4.75 22 90.35 0.00% -2.06% -4.14% -4.07%
BANBOG 5 17 101.75 0.00% 0.00% 0.15% 0.39%
BANBOG 5.375 23 96.77 0.00% 0.41% -1.20% -0.49%
BCOLO 6.875 17 104.75 0.00% 0.48% 0.86% 0.24%
BCOLO 6.125 20 102.24 1.05% -0.86% -0.25% -0.25%
BCOLO 5.95 21 104 0.00% 0.10% 0.19% 0.97%
BCOLO 5.125 22 94.75 0.00% -1.51% -2.14% -1.81%
DAVIVI 2.95 18 97.4 0.00% 1.07% -0.87% -2.11%
DAVIVI 5.875 22 98.5 0.00% 1.81% -1.43% -2.43%
GNBSUD 3.875 18 96.44 0.00% 2.05% 0.15% -1.04%
GNBSUD 7.5 22 99.34 0.00% -0.06% -2.89% -1.64%
GRUPOS 5.7 21 102.188 0.00% 0.18% -2.21% -2.54%
SUAMSA 4.875 24 97 0.00% 0.26% -4.43% -4.90%
BANGAN 4.875 25 92.5 0.00% -1.07% -3.29% -3.39%
ECOPET 4.25 18 97.473 0.00% -0.92% -1.32% -3.20%
ECOPET 7.625 19 103.5 -0.54% -0.24% -4.25% -4.61%
ECOPET 5.875 23 88.132 0.00% 1.59% -4.72% -5.92%
ECOPET 4.125 25 75.5 0.00% 2.03% -7.08% -5.92%
ECOPET 5.375 26 82 0.00% 4.46% -3.42% -5.75%
ECOPET 7.375 43 76.428 0.00% -2.95% -8.19% -9.21%
ECOPET 5.875 45 68.05 0.00% 1.19% -4.15% -5.16%
OCENSA 4 21 90.5 0.00% 0.00% -5.55% -6.70%
PRECN 5.375 19 16 0.00% 4.92% 10.34% -28.89%
PRECN 7.25 21 15.25 -1.61% -6.15% 1.60% -15.28%
PRECN 5.125 23 15.825 0.00% 43.86% 7.65% -14.46%
PRECN 5.625 25 16 0.00% 6.67% 6.67% -21.18%
EEBCB 6.125 21 98.03 0.00% -1.60% -3.89% -3.89%
EEBCB 5.7 22 96.01 0.00% -0.56% -5.13% -4.94%
EEPPME 7.625 19 110 0.00% -0.90% -2.09% -2.18%
TELEFO 5.375 22 88.98 1.29% -0.58% -1.68% -4.83%
TELEFO 8.5 49 81 0.00% -1.22% -7.43% -6.36%
PFAVHC 8.375 20 80.875 0.00% -0.77% 12.72% 23.95%
Total Return (%)Corporate Price
Daily Week ly 3M YDT
COLOM 5 45 79.466 -0.09% -0.88% -2.61% -5.47%
COLOM 5.625 44 85.473 -0.15% -1.42% -3.84% -6.59%
COLOM 6.125 41 90.563 0.02% -1.46% -4.33% -6.89%
COLOM 7.375 37 102.533 -0.18% -1.70% -5.34% -7.43%
COLOM 10.375 33 131.075 -1.18% -1.73% -4.91% -5.82%
COLOM 11.85 28 153.982 -0.31% -1.16% -3.51% -4.49%
COLOM 8.375 27 126.22 0.97% 0.98% 0.38% 0.37%
COLOM 8.125 24 116.72 -0.06% -1.00% -2.54% -3.37%
COLOM 4 24 92.11 -0.10% -1.05% -2.57% -3.46%
COLOM 2.625 23 85.878 -0.26% -0.96% -2.23% -2.75%
COLOM 4.375 21 99.085 0.04% -0.57% -1.10% -1.58%
COLOM 11.75 20 127.05 0.16% -0.17% -1.53% -1.70%
COLOM 7.375 19 110.418 -0.01% -0.47% -1.28% -1.52%
COLOM 7.375 17 104.753 0.09% -0.02% -0.33% -0.56%
COLOM 8.66 16 104.134 -0.02% -0.15% -0.55% -0.76%
COLOM 8.7 16 100.25 0.00% -1.89% -2.05% -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%-0.5%0.0%0.5%1.0%1.5%2.0%2.5%3.0%
Weekly Total Return
Andean Region — Fixed Income
6
06 de Marzo de 2015
Informe Diario de Cierre
Source: Bloomberg, Calculated by Ad Cap Colombia.
06 de Marzo de 2015
Informe Diario de Cierre
COLOMBIA—Indicative prices
Daily Week ly 3M YDT
COLTES 7.75 30 85.565 0.15% -0.91% -2.85% -4.48%
COLTES 6 28 75.122 -0.21% -0.89% -3.15% -4.08%
COLTES 7.5 26 88.545 -0.01% -0.91% -2.43% -3.55%
COLTES 10 24 105.811 -0.23% -1.42% -3.03% -4.12%
COLTES 7 22 91.39 -0.09% -0.93% -2.52% -3.33%
COLTES 11 20 109.198 -0.04% -0.90% -1.84% -2.63%
COLTES 7 19 96.111 -0.12% -1.03% -1.56% -2.15%
COLTES 5 18 93.092 -0.06% -0.66% -1.08% -1.40%
COLTES 11.25 18 107.718 0.00% -0.82% -1.13% -1.67%
COLTES 5.5 16 99.709 0.02% 0.04% 0.07% 0.08%
COLTES 7.25 16 100.289 -0.01% 0.00% -0.11% -0.20%
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
AVALCB 5.25 17 Financial GRUPO AVAL LTD 101.63 3.49 0.92 280.69 -20.45 29.06 -9.10 300.47 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 90.15 6.61 5.40 532.15 -3.87 25.50 56.89 514.51 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 3.02 0.88 234.14 -9.45 -9.45 -9.45 254.34 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 96.75 5.95 5.73 462.11 16.55 -8.74 53.27 442.32 5.38 FIXED 2/19/2013 2/19/2023 AT MATURITY Subordinated 500,000,000$ Ba1 BBB
BCOLO 6.875 17 Financial BANCOLOMBIA SA 105 2.82 1.20 211.72 -119.37 -24.10 41.53 226.27 6.88 FIXED 5/25/2007 5/25/2017 AT MATURITY Subordinated 199,512,000$ Ba1 BBB
BCOLO 6.125 20 Financial BANCOLOMBIA SA 101 5.86 3.83 481.25 14.67 42.85 94.38 472.84 6.13 FIXED 7/26/2010 7/26/2020 AT MATURITY Subordinated 620,000,000$ Ba1 BBB
BCOLO 5.95 21 Financial BANCOLOMBIA SA 103.03 5.28 4.46 413.43 -1.40 35.01 43.34 401.42 5.95 FIXED 10/27/20116/3/2021 AT MATURITY Sr Unsecured 995,643,000$ Baa2 BBB+
BCOLO 5.125 22 Financial BANCOLOMBIA SA 93.9 6.27 5.32 498.62 0.10 12.26 33.71 480.98 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 97.55 4.28 1.86 350.27 -0.85 51.63 55.96 355.52 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 96.625 6.53 5.19 526.47 -0.56 30.35 71.97 509.17 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 94 6.85 2.04 605.38 22.36 14.03 63.47 608.6 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 98.7 7.76 5.00 650.24 -10.12 18.48 58.61 631.38 7.5 FIXED 7/30/2012 7/30/2022 AT MATURITY Subordinated 250,000,000$ B1 WD
GRUPOS 5.7 21 Financial GRUPOSURA FINANCE 101 5.48 4.43 433.09 -7.53 27.00 98.77 421.31 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 96.345 5.43 6.51 399.90 29.21 29.21 82.03 381.01 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 92.5 5.95 7.09 443.50 12.06 12.06 55.92 423.68 4.88 FIXED 4/21/2015 4/21/2025 AT MATURITY Subordinated 400,000,000$ Baa3 BBB
ECOPET 4.25 18 Energy ECOPETROL SA 97.166 5.44 2.36 459.86 19.94 24.20 50.85 460.68 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 104.08 6.28 2.98 534.88 -19.43 -36.68 -0.10 530.68 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 88.75 7.87 5.74 650.14 -5.97 -42.82 -15.60 629.74 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 75 8.12 6.97 662.49 -6.37 0.48 5.51 643.34 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 80.4 8.22 7.38 664.72 -0.61 -27.63 8.41 642.69 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 76.829 9.82 9.47 798.11 -14.64 -12.73 23.54 728.16 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 68.66 8.90 10.84 700.45 -16.09 -21.01 -36.27 628.31 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 89 6.52 4.52 537.00 -9.59 -0.51 193.79 526.12 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 15 97.40 1.55 9653.10 -803.48 201.48 -2374.62 9650.1 5.38 FIXED 11/26/20131/26/2019 CALLABLE Sr Unsecured 1,300,000,000$ Ba3 B+ BB
PRECN 7.25 21 Energy PACIFIC EXPLORATION AND 13.5 68.04 1.90 6697.88 0.98 641.97 -326.97 6669.3 7.25 FIXED 12/12/201112/12/2021CALLABLE Sr Unsecured 690,549,000$ Ba3 B+ BB
PRECN 5.125 23 Energy PACIFIC EXPLORATION AND 13 52.48 2.43 5128.59 0.53 671.94 -990.48 5094.5 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 15 45.63 2.85 4437.93 -3.02 253.61 -1556.53 4394.6 5.63 FIXED 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 98.75 6.39 4.68 519.13 -7.50 39.78 84.10 505.05 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 95.25 6.66 4.91 542.68 -10.68 24.88 123.73 527.06 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 110.7 4.25 3.04 331.59 -0.99 13.11 36.43 327.36 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 86.5 8.05 5.22 676.18 20.89 52.84 101.65 657.86 5.38 FIXED 9/27/2012 9/27/2022 CALLABLE Sr Unsecured 750,000,000$ BB BB
TELEFO 8.5 49 Communications COLOMBIA TELECOMUNICACIO 80 15.21 3.11 1419.70 122.13 1.40 259.60 1412.3 8.5 VARIABLE3/30/2015 PERP/CALL Subordinated 500,000,000$ B+ B
PFAVHC 8.375 20 Consumer, CyclicalAVIAN HLDS SA/LEASING/GR 80.34 14.78 3.23 1376.84 -17.28 6.93 -235.02 1368.2 8.38 FIXED 5/10/2013 5/10/2020 CALLABLE Sr Unsecured 300,000,000$ B+ B
Z-SpdIssue
DateRank Amount (USD MM)Corporate Industry Issuer Price YTW Mdur
Var Z-Spd (bps) Coupon Maturity RatingSpd
o/Sov
Daily Week ly 3M YTD Rate Type Date Type Moody's S&P Fitch
COLOM 5 45 Government REPUBLIC OF COLOMBIA 80.581 6.49 13.57 446.31 -12.93 -19.92 -9.75 382.45 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 86.778 6.67 12.63 468.97 -10.11 -19.59 -0.85 408.63 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 91.965 6.80 12.11 484.43 -8.05 -20.08 4.91 434.55 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 105.02 6.92 10.67 501.46 -11.85 -29.37 9.19 259.6 460.78 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 132.93 7.02 9.05 516.26 -8.23 -13.02 15.08 206.1 484.49 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 11.20 6.15 955.47 -18.27 2.91 18.07 924.75 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 116.54 6.27 7.44 441.80 -33.32 -17.25 23.84 418.56 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 117.8 5.42 6.09 394.65 -15.37 -24.00 13.68 219.4 372.85 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 93.363 5.02 6.59 354.46 -10.01 -25.90 10.64 201.7 336.67 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 87.045 4.81 6.22 340.68 -9.79 -26.40 9.38 198.2 323.36 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 99.583 4.46 4.74 324.47 -10.09 -22.15 -1.50 175.5 312.83 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 127.51 4.23 3.19 314.91 -19.24 -26.93 16.23 151.7 307.11 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 110.97 3.58 2.70 261.48 -13.07 -31.41 11.50 133.9 258.95 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 104.96 2.01 0.91 117.38 -22.40 -62.78 -79.38 46.27 137.12 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 104.22 1.92 0.61 87.82 -52.12 -69.16 -78.39 111.46 8.66 FIXED 10/7/1996 10/7/2016 PUTABLE Sr Unsecured 75,427,000$ Baa2 BBB BBB
COLOM 8.7 16 Government REPUBLIC OF COLOMBIA 100.25 -20.38 0.01 ###### -5176.27 -789.48 -4818.23 -6663 -7770 8.7 FIXED 2/15/1996 2/15/2016 AT MATURITY Sr Unsecured 75,584,000$ Baa2 BBB BBB
MdurSpd
o/SovIssue Date Rank Amount (USD MM)Z-Spd
Colombia Gov
USDIndustry Issuer Price YTW
Var Z-Spd (bps) Coupon Maturity Rating
Daily Week ly 3M YTD Rate Type Date Type Moody's S&P Fitch
COLTES 7.75 30 Government TITULOS DE TESORERIA B 85.565 9.62 7.74 72.93 -4.13 -7.53 12.89 0 7.75 FIXED 1/14/2015 9/18/2030 AT MATURITY Unsecured 3,251,419,992,000$ Baa2 BBB+ BBB+
COLTES 6 28 Government TITULOS DE TESORERIA B 75.122 9.53 7.24 76.20 1.01 -7.91 -2.28 13.649 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 88.545 9.24 6.56 70.19 -7.37 -9.28 -5.39 0 7.5 FIXED 9/20/2011 8/26/2026 AT MATURITY Sr Unsecured 8,212,611,000,000$ Baa2 BBB+ BBB+
COLTES 10 24 Government TITULOS DE TESORERIA B 105.81 8.97 5.37 76.73 -0.51 6.56 12.27 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 91.39 8.85 4.51 98.40 -1.54 6.62 18.11 0 7 FIXED 5/9/2012 5/4/2022 AT MATURITY Sr Unsecured 11,921,629,000,000$ Baa2 BBB+ BBB+
COLTES 11 20 Government TITULOS DE TESORERIA B 109.2 8.40 3.30 94.89 -2.46 13.14 16.40 0 11 FIXED 7/29/2005 7/24/2020 AT MATURITY Sr Unsecured 10,004,393,135,000$ Baa2 BBB+ BBB+
COLTES 7 19 Government TITULOS DE TESORERIA B 96.111 8.28 2.94 98.70 1.37 23.60 22.61 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 93.092 7.87 2.42 71.42 -2.13 15.33 18.98 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 107.69 7.92 2.23 79.32 -5.28 -1.30 7.31 10.826 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 99.709 6.21 0.35 -61.58 -8.66 -10.83 -40.35 0.5566 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 100.29 6.17 0.31 -62.34 -5.94 -9.90 -33.02 9E-14 7.25 FIXED 11/27/20096/15/2016 AT MATURITY Sr Unsecured 20,648,934,000,000$ Baa2 BBB+ BBB+
COLTES 3 33 Government TITULOS DE TESORERIA B 79.961 4.74 12.09 -185.84 -10.13 -5.57 20.88 -488.5 3 FIXED 6/5/2013 3/25/2033 AT MATURITY Unsecured 26,512,431,730$ Baa2 BBB+ BBB+
COLTES 3.5 25 Government TITULOS DE TESORERIA B 93.199 4.41 7.41 -137.58 -9.67 -11.62 15.07 -465.8 3.5 FIXED 5/7/2014 5/7/2025 AT MATURITY Sr Unsecured 8,400,140,000$
COLTES 4.75 23 Government TITULOS DE TESORERIA B 106.7 3.65 5.68 -175.65 33.89 33.89 33.89 -524.4 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 98.048 3.93 4.38 -122.13 -10.92 -13.76 35.00 -462.6 3.5 FIXED 3/10/2011 3/10/2021 AT MATURITY Sr Unsecured 41,905,784,786$ Baa2 BBB+ BBB+
COLTES 3.5 19 Government TITULOS DE TESORERIA B 100.9 3.20 2.86 -176.32 -10.00 -8.00 20.14 -487.8 3.5 FIXED 1/8/2014 4/17/2019 AT MATURITY Sr Unsecured 24,768,060,750$ BBB+ BBB+
COLTES 4.25 17 Government TITULOS DE TESORERIA B 103.33 1.53 1.18 -323.20 -13.80 -22.35 -19.19 -528.6 4.25 FIXED 4/26/2010 5/17/2017 AT MATURITY Sr Unsecured 51,302,069,920$ Baa2 BBB+ BBB+
Spd
o/SovZ-Spd Issue Date Rank Amount (USD MM)
Colombia Gov
COPIndustry Issuer Price YTW Mdur
Var Z-Spd (bps) Coupon Maturity Rating
Andean Region — Fixed Income
7
06 de Marzo de 2015
Informe Diario de Cierre
PERU—Indicative prices
Source: Reuters; Bloomberg, calculated by Ad Cap Colombia.
06 de Marzo de 2015
Informe Diario de Cierre
Daily Week ly 3M YDT
CPACPE 4.5 23 92 0.00% 0.00% -0.27% -1.60%
UNACEM 5.875 21 94.43 0.03% -0.34% -2.13% -2.37%
AJECBV 6.5 22 34.65 0.00% 8.58% -13.38% -13.38%
MAESPE 6.75 19 104.836 0.00% -1.19% 0.32% 0.32%
ISCORP 8.375 21 94.51 0.00% -0.91% -3.95% -3.17%
TGPERU 4.25 28 92 0.00% -0.94% -0.54% -3.95%
TRANSM 4.375 23 96 0.00% 0.00% -1.06% -1.29%
BCOCPE 2.25 16 100.4 0.00% 0.00% 0.35% 0.53%
BCOCPE 5.75 17 102.25 0.00% -0.78% -0.87% -0.73%
BCOCPE 3.25 18 100.5 0.01% 0.10% 0.25% 0.00%
BCOCPE 5.5 20 105.75 0.00% -1.54% -1.60% -1.40%
BCOCPE 5 22 102.45 2.02% -0.05% 1.94% -0.41%
BCOCPE 5.25 29 93.6 0.00% -4.35% -3.60% -3.34%
BCP 4.75 16 99.9 0.00% -0.12% -0.23% -0.60%
BCP 2.75 18 99.51 0.00% -0.49% -0.49% -0.54%
BCP 5.375 20 105.5 1.79% -0.47% -1.77% -1.79%
BCP 4.25 23 98.713 0.00% -1.83% -0.63% -0.92%
BCP 6.875 26 104 -0.24% -0.81% -3.48% -3.96%
BCP 6.125 27 100.5 0.50% -0.74% -1.47% -3.37%
BINTPE 5.75 20 106.75 0.00% 0.00% -0.33% 1.18%
BINTPE 6.625 29 97 0.93% 0.93% -3.10% -3.12%
BNSCN 4.5 27 91.9 0.00% -0.11% -4.17% -3.41%
IFHBH 5.875 25 91 -3.86% -1.61% -4.71% -3.96%
HOCLN 7.75 21 90.06 0.00% 2.63% -0.73% -0.04%
MILPOC 4.625 23 75.5 0.00% -8.52% -12.21% -15.17%
MINSUR 6.25 24 80.75 -0.92% -0.62% -3.87% -12.42%
VOLCAN 5.375 22 62.75 -1.18% 1.18% 2.28% -1.73%
COFIDE 3.25 19 99.87 0.00% -0.63% -0.03% -0.01%
COFIDE 4.75 22 101.49 0.00% 0.11% -0.30% -0.01%
COFIDE 4.75 25 96.9 0.00% -0.10% -0.82% -1.62%
COFIDE 5.25 29 94.6 0.24% -1.92% -3.72% -3.76%
MIVIVI 3.375 19 99.453 0.20% 0.12% -0.32% -0.28%
MIVIVI 3.5 23 92.92 0.10% 0.13% -0.57% -1.85%
Total Return (%)Corporate Price
Daily Weekly 3M YDT
PERU 7.125 19 113.8 0.19% 0.19% 0.17% -0.30%
PERU 7.35 25 125.57 0.30% 0.02% 1.38% -0.03%
PERU 8.75 33 139.59 0.24% -0.19% 0.87% -0.89%
PERU 6.55 37 115.34 0.20% -0.16% 1.31% -0.73%
PERU 5.625 50 102.428 0.14% -0.27% 1.81% -0.31%
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
6
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
25HO
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
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
-10.0%-8.0%-6.0%-4.0%-2.0%0.0%2.0%4.0%6.0%8.0%
10.0% 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
-0.3%
-0.2%
-0.1%
0.0%
0.1%
0.2%
0.3%
PERU 7.125 19 PERU 7.35 25 PERU 8.75 33 PERU 6.55 37 PERU 5.625 50
Weekly Total Return
Andean Region — Fixed Income
8
06 de Marzo de 2015
Informe Diario de Cierre
Source: Bloomberg, Calculated by Ad Cap Colombia.
06 de Marzo de 2015
Informe Diario de Cierre
PERU—Indicative prices
Daily Week ly 3M YDT
PERUGB 8.6 17 104.79 0.00% -0.04% -0.21% -0.38%
PERUGB 7.84 20 105.45 0.00% 0.32% 0.12% 0.20%
PERUGB 5.2 23 89.272 0.00% 0.44% 0.10% -0.21%
PERUGB 5.7 24 90.667 0.00% 0.08% -0.24% -0.07%
PERUGB 8.2 26 105.153 0.00% 0.82% -0.43% 0.05%
PERUGB 6.95 31 92.474 0.00% 0.72% 0.39% 0.23%
PERUGB 6.9 37 89.889 0.00% 1.35% 0.03% -0.79%
PERUGB 6.85 42 87.005 0.00% 0.98% -1.50% -2.35%
PERUGB 6.7142 55 84.068 0.00% 1.18% -0.93% -2.68%
Total Return (%)Peru Gov PEN Price
PER
UG
B 1
7
PER
UG
B 2
0
PER
UG
B 2
3
PER
UG
B 2
4
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
Daily Week ly 3M YTD Rate Type Date Type Moody's S&P Fitch
CPACPE 4.5 23 Industrial CEMENTOS PACASMAYO SAA 92 5.92 5.83 458.57 -0.32 -0.32 32.28 439.58 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 94.55 7.05 4.65 585.97 -3.40 6.50 68.66 572.09 5.88 FIXED 10/31/2014 10/30/2021CALLABLE Sr Unsecured 625,000,000$ Ba2 BB+
AJECBV 6.5 22 Consumer, Non-cyclicalAJECORP BV 34.65 30.50 3.59 2930.46 0.43 -217.06 415.41 2909.2 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 104.84 4.12 0.58 346.24 -1.08 186.35 -72.54 370.46 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 94.51 9.76 3.92 864.13 -6.92 21.67 123.72 851.4 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 92 5.28 7.92 368.59 -2.12 24.29 33.94 349.41 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 5.04 6.01 368.71 25.19 25.19 49.38 350.02 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 100.4 1.34 0.44 69.93 -3.19 -3.19 -77.06 96.685 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 102.25 3.23 0.89 254.58 -0.98 75.37 77.50 274.67 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 100.5 3.01 2.03 221.35 -1.64 -6.25 2.91 225.11 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) 105.75 4.15 4.12 306.09 -7.34 57.20 59.95 296.66 5.5 FIXED 11/18/2010 11/18/2020AT MATURITY Sr Unsecured 350,000,000$ A- BBB+
BCOCPE 5 22 Financial BBVA BANCO CONTINENTAL 102.45 4.56 5.40 327.75 -36.80 -0.03 -8.99 310.72 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 93.6 6.22 6.60 476.14 -1.40 70.28 81.59 456.32 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 99.9 5.97 0.07 544.90 4.85 158.42 219.88 568.9 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 99.51 3.02 1.82 225.02 -0.97 25.87 40.58 231.02 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 105.5 4.05 3.96 297.40 -43.83 9.79 64.98 288.78 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 97.02 4.75 5.96 340.00 27.68 58.31 65.52 321.42 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 104 6.02 4.48 484.42 5.43 16.57 99.84 470.7 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 100.5 6.02 4.99 478.47 -9.96 13.76 54.25 462.23 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 106.75 4.13 3.99 305.66 -1.93 -1.93 34.66 296.63 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 97 7.06 6.07 571.19 -15.23 -15.23 77.77 550.28 6.63 VARIABLE3/18/2014 3/19/2029 CALLABLE Subordinated 300,000,000$ Ba1 BBB BBB-
BNSCN 4.5 27 Financial SCOTIABANK PERU SA 91.9 5.96 5.68 464.68 -0.61 1.60 101.06 446.29 4.5 VARIABLE12/13/2012 12/13/2027CALLABLE Subordinated 400,000,000$ Baa2 A-
IFHBH 5.875 25 Financial INTERCORP PERU LTD 91 7.26 6.74 577.45 50.13 24.20 105.06 556.41 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 90.06 10.37 3.91 927.64 0.24 -57.48 50.63 916.07 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 75.5 9.43 5.56 809.55 -0.71 165.13 263.65 789.86 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 80.75 9.78 5.88 838.99 14.54 10.73 95.30 817.83 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 62.75 15.07 4.56 1385.64 26.13 -24.05 -13.54 1370.1 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 99.87 3.29 3.19 235.06 -0.74 23.94 36.82 231.86 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 101.49 4.46 5.15 323.20 -10.58 -3.29 36.12 309.12 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 96.9 5.17 7.43 363.96 -8.20 13.30 44.44 344.22 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 94.6 6.08 6.62 463.18 -5.04 53.31 90.19 443.63 5.25 VARIABLE7/15/2014 7/15/2029 CALLABLE Subordinated 300,000,000$ BBB BBB
MIVIVI 3.375 19 Financial FONDO MIVIVIENDA SA 99.45 3.56 2.90 253.25 -17.40 -17.58 19.91 251.22 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 92.914 4.71 6.04 329.92 -9.15 -9.15 30.45 311.91 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 104.85 515.00% 1.37 -117.58 -6.503 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 105.64 637.99% 3.70 49.35 49.35 49.35 49.35 -10.02 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 89.541 701.99% 5.79 150.38 150.38 150.38 150.38 -12.15 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 90.96 715.99% 6.38 172.76 172.76 172.76 172.76 -12.47 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 105.52 745.99% 6.90 216.10 216.10 216.10 216.10 -13.73 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 BONOS DE TESORERIA 92.889 777.98% 8.92 282.27 282.27 282.27 282.27 -14.94 6.95 FIXED 4/24/2008 8/12/2031 AT MATURITY Sr Unsecured 4,290,157,000$ A3 A-
PERUGB 6.9 37 Government BONOS DE TESORERIA 90.356 786.98% 10.32 317.93 317.93 317.93 317.93 -15.29 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 87.483 803.98% 10.89 347.72 347.72 347.72 347.72 1.7119 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 84.568 804.97% 11.83 377.57 377.57 377.57 377.57 2.7119 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 113.8 249.19% 2.77 152.36 -14.27 -17.31 -2.23 149.72 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 125.58 405.57% 7.08 252.01 -8.79 -3.53 2.83 229.89 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 139.62 528.27% 10.18 343.55 -7.90 -1.74 12.84 314.16 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 115.28 530.26% 11.46 338.33 -7.02 -1.38 10.56 148.7 306.24 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 102.38 547.09% 15.19 343.90 -6.51 -1.69 9.36 145.2 280.34 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)
Andean Region — Fixed Income
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