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Honduras: bonds

From 2007 to 2012, the Honduran economy was driven primarily by private consumption and private investments and exports. Private sector consumption averaged 73.3% of real GDP in this period and private investment averaged 20.8% of real GDP. From 2007 to 2012, Honduras’ real annual GDP growth rate averaged 3.1% with the highest annual growth rate of 6.2% experienced in 2007. Honduras’ real GDP increased by 4.2% in 2008. Primarily due to the effects of the economic slowdown in the global economy, the Honduran economy contracted by 2.4% in 2009. In 2010 and 2011, however, the economy grew by 3.7% in each year. Based on initial estimates, real GDP grew by 3.3% in 2012. The 6.2% economic growth rate achieved in 2007 was primarily the result of increased exports, relatively low inflation and increased domestic consumption. During this period, increased employment and exchange rate stability contributed to increased economic activity. Economic contraction in 2009 resulted from weak external demand as a result of the Global Economic Crisis and the internal political unrest stemming from the removal of President Zelaya that year. During 2009, total fixed capital formation declined by 35.4% compared to 2008, resulting from a decrease of 38.6% in private sector investments.
Economic growth in 2010 and 2011 was the result of the recovery of consumption and investment, resulting from the renewal of international capital flows, as well as increased external demand that stemmed from the increased activity of foreign markets and trade partners, such as the United States, Europe, Central America and Mexico. The increased activity of foreign markets, in turn, lead to increased remittances from Honduran workers abroad and increased internal consumption, which at the same time resulted in stronger national employment. The stronger investment levels were associated with private construction, imports of capital goods and agro industrial expansion with increased exports.
External debt consists mainly of loans obtained from various organizations and institutions such as the World Bank and the IADB. Internal debt is generally incurred through sovereign bonds placed in the domestic market and, to a lesser extent, loans from the national banking system. The Secretaría de Finanzas is responsible for managing the financial resources of the government as well as the administration and management of the public debt of the Central Government. As of December 31, 2012, Honduran indebtedness consisted of: (i) U.S.$2.7 billion (43% of total indebtedness) internal debt, primarily denominated in lempiras and (ii) U.S.$3.6 billion (57% of total indebtedness) external debt all of which is denominated in foreign currency (excluding quasi-fiscal debt).

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
HNL 63 100 699 422 176
USD 3 1 700 000 000
corporate
CHF 9 1 515 000 000
USD 7 577 000 000
CNY 4 4 200 000 000
NOK 3 1 500 000 000
UYU 3 6 329 350 000
AUD 2 176 700 000
ZAR 2 1 360 700 000
TRY 1 145 300 000
MXN 1 700 000 000
CRC 1 40 500 000 000
EUR 1 35 000 000
HKD 1 400 000 000
THB 1 1 235 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Central American Bank for Economic Integration, 3.15% 25feb2024, UYU - International bonds XS1954705536 3.15% 1 631 550 000  UYU 02/15/2019 02/25/2024
Central American Bank for Economic Integration, 4.85% 23may2023, CNY - International bonds XS1815385031 4.85% 2 000 000 000  CNY 04/27/2018 05/23/2023
Central American Bank for Economic Integration, 0.314% 5sep2024, CHF - International bonds CH0398677713 0.314% 200 000 000  CHF 01/26/2018 09/05/2024
Central American Bank for Economic Integration, 7.05% 26aug2021, ZAR - International bonds XS1657545148 7.05% 328 700 000  ZAR 08/08/2017 08/26/2021
Central American Bank for Economic Integration, 2.2% 26aug2021, AUD - International bonds XS1657543283 2.2% 36 700 000  AUD 08/08/2017 08/26/2021
Inversiones Atlantida, 8.25% 28jul2022, USD - International bonds USP5865GAA87 8.25% 150 000 000  USD 07/21/2017 07/28/2022
Central American Bank for Economic Integration, 13.55% 12apr2027, UYU - International bonds XS1593594416 13.55% 2 851 800 000  UYU 04/03/2017 04/12/2027
Central American Bank for Economic Integration, FRN 17apr2022, USD - International bonds XS1584824525 3.588% 167 000 000  USD 03/23/2017 04/17/2022
Central American Bank for Economic Integration, 13.9% 24feb2027, UYU - International bonds XS1572260708 13.9% 1 846 000 000  UYU 02/21/2017 02/24/2027
Central American Bank for Economic Integration, 3.27% 2feb2024, HKD - International bonds XS1556164157 3.27% 400 000 000  HKD 01/24/2017 02/02/2024

Forex

Daily indices

Type: 05/24/2019 05/23/2019 05/22/2019 05/21/2019 05/20/2019 05/17/2019 05/16/2019
FOREX rates
[12671] USD/HNL 24.4859 24.4577 24.4376 24.4477 24.4474 24.4473 24.4321
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International bonds outstanding volume

Monthly indices

Type: Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018
Latin America international bonds outstanding volume
[21417] Honduras international bonds, USD bln 4.919 4.957 4.918 4.935 4.913 4.963 5.040
[21477] Honduras corporate international bonds, USD bln 3.219 3.257 3.218 3.235 3.213 3.263 3.340
[21537] Honduras sovereign international bonds, USD bln 1.700 1.700 1.700 1.700 1.700 1.700 1.700
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New international bonds volume

Monthly indices

Type: Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Dec 2018 Nov 2018
Latin America new international bonds volume
[18433] New issues of Honduras international bonds, USD bln 0.000 0.000 0.050 0.000 0.000 0.000 0.000
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Yearly indices

Type: 2018 2017 2016 2015 2014
Latin America new international bonds volume
[19229] Annual new issues of Honduras sovereign international bonds, USD bln 0.000 0.700 0.000 0.000 0.000
[19289] Annual new issues of Honduras corporate international bonds, USD bln 0.530 0.647 1.059 0.389 0.553
[19349] Annual new issues of Honduras corporate international bonds, (financial sector) USD bln 0.530 0.647 1.059 0.389 0.553
[19409] Annual new issues of Honduras corporate international bonds, (non-financial sector) USD bln 0.000 0.000 0.000 0.000 0.000

New international bonds number

Monthly indices

Type: Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Dec 2018 Nov 2018
Latin America new international bonds number
[18491] Number of Honduras new international bond issues 0 0 1 0 0 0 0
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Honduras, 7.5% 15mar2024, USD   USD 03/15/2024 05/18/2016 ***.** *.** 05/18/2016 ***.* *.**
Honduras, 8.75% 16dec2020, USD   USD 12/16/2020 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Central American Bank for Economic Integration, 0.194% 19nov2021   CHF 11/19/2021 05/18/2016 **.** *.** 05/18/2016 ***.* *.*
Central American Bank for Economic Integration, 0.371% 26aug2022, CHF   CHF 08/26/2022 05/18/2016 ***.* *.** 05/18/2016 ***.* *.**
Central American Bank for Economic Integration, 0.5% 26nov2018, CHF   CHF 11/26/2018 05/18/2016 ***.* -*.** 05/18/2016 ***.** -*.**
Central American Bank for Economic Integration, 1.125% 24feb2023, CHF   CHF 02/24/2023 05/18/2016 ***.* *.* 05/18/2016 ***.** *.**
Central American Bank for Economic Integration, 1.5% 16dec2019, CHF   CHF 12/16/2019 05/18/2016 ***.* *.** 05/18/2016 ***.* -*.**
Central American Bank for Economic Integration, 1.5% 4feb2020, CHF   CHF 02/04/2020 05/18/2016 ***.* *.** 05/18/2016 ***.* -*.**
Central American Bank for Economic Integration, 1.875% 25feb2022, CHF   CHF 02/25/2022 05/18/2016 ***.** *.** 05/18/2016 ***.* *.*
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