Paraguay: bonds

In 2012, the Paraguayan economy contracted as a result of adverse conditions for the agricultural sector during the first half of the year due to a drought and an outbreak of FMD that affected beef exports. Preliminary Central Bank estimates for 2012 indicate a decline in real GDP of 1.2%, driven by a decline in agricultural production of about 28%. However, following a contraction in the first half of the year, the economy recovered in the second half of 2012 driven by a recovery of the livestock sector and the strength of the non-rural economy. Nonagricultural sector estimates for 2012 indicates an increase of 5%, in real terms. Preliminary estimates for the overall balance in 2012 for the central government indicates a deficit of 1.8% of GDP.
The public sector debt-to-GDP ratios of total public sector debt to GDP, as of December 31, 2011, was 10.6%. As of December 31, 2011, Paraguay’s public sector external debt was US$2.3 billion, a decrease of approximately 2.2% from the end of 2010. The Inter-American Development Bank and the World Bank are Paraguay’s largest creditors, accounting for 73.6% and 16.3% as of December 31, 2011, respectively, of total public sector external debt. Paraguay’s borrowings from multilateral organizations are used primarily for infrastructure and social development programs. As of December 31, 2011, public sector total outstanding domestic debt was approximately US$457.9 million, of which US$392.6 million was issued by the central government. Paraguay has issued treasury bonds in the domestic market through the Central Bank since 2006 and on the Asunción Stock Exchange since July 2012. In 2012, Paraguay issued eight series of bonds through the Central Bank and Asunción Stock Exchange, amounting to a total of approximately US$231.6 million.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
PYG 25 1 688 852 000 000
USD 4 2 530 000 000
municipal
PYG 14 69 725 000 000
corporate
PYG 297 2 803 750 367 665
USD 143 8 793 011 609

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** International scale rating (local curr.) ***
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 ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Paraguay, 5% 15apr2026, USD - International bonds USP75744AD76 5% 600 000 000  USD 03/23/2016 04/15/2026
Paraguay, 4.625% 25jan2023, USD - International bonds USP75744AA38 4.625% 780 000 000  USD 04/24/2015 01/25/2023
Millicom, 6% 15mar2025, USD - International bonds XS1204091588 6% 500 000 000  USD 03/10/2015 03/15/2025
Paraguay, 6.1% 11aug2044, USD - International bonds USP75744AB11 6.1% 1 000 000 000  USD 08/04/2014 08/11/2044
Banco Regional, 8.125% 24jan2019, USD - International bonds USP1R05SAJ45 8.125% 300 000 000  USD 01/16/2014 01/24/2019
Millicom, 6.625% 15oct2021, USD - International bonds XS0980363344 6.625% 800 000 000  USD 10/09/2013 10/15/2021
Paraguay, 4.625% 25jan2023, USD - International bonds XS0960487428 4.625% 150 000 000  USD 07/25/2013 01/25/2023
Millicom, 4.75% 22may2020, USD - International bonds XS0921332069 4.75% 500 000 000  USD 05/20/2013 05/22/2020
Telecel, 6.75% 13dec2022, USD - International bonds USP90475AA57 6.75% 300 000 000  USD 12/07/2012 12/13/2022

World Bond market statistics

Quarterly indices

Type IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015 II 2015
BIS volume of international-bond market of emerging countries
Paraguayan international bonds, USD bln 3.000 3.400 3.400 3.400 2.900 2.900 2.900
BIS net issues of international-bond market of emerging countries
International-bond net issue of Paraguay, USD bln 0.400   0.000 0.500 0.000 0.000 0.300

Currencies

Daily indices

Type: 03/22/2017 03/21/2017 03/20/2017 03/17/2017 03/16/2017 03/15/2017 03/14/2017
Exchange Rates (Emerging Markets)
USD/PYG 5 602.2400 5 548.4700 5 520.3000 5 517.5500 5 516.9400 5 524.1900 5 460.6000
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Paraguay, 4.625% 25jan2023, USD   USD 01/25/2023 05/18/2016 ***.** *.* 05/18/2016 ***.** *.**
Paraguay, 5% 15apr2026, USD   USD 04/15/2026 05/18/2016 ***.* *.** 05/18/2016 ***.** *.**
Paraguay, 6.1% 11aug2044, USD   USD 08/11/2044 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Banco Continental Paraguay, 8.875% 15oct2017, USD   USD 10/15/2017 05/18/2016 ***.* *.** 05/18/2016 ***.*** *.**
Banco Regional, 8.125% 24jan2019, USD   USD 01/24/2019 05/18/2016 ***.*** *.** 05/18/2016 ***.*** *.**
Millicom, 4.75% 22may2020, USD   USD 05/22/2020 05/18/2016 **.*** *.** 05/18/2016 **.*** *.**
Millicom, 6% 15mar2025, USD   USD 03/15/2025 05/18/2016 **.* *.** 05/18/2016 **.** *.**
Millicom, 6.625% 15oct2021, USD   USD 10/15/2021 05/18/2016 ***.** *.** 05/18/2016 ***.*** *.**
Telecel, 6.75% 13dec2022, USD   USD 12/13/2022 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
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