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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 59 94 750 125 175
USD 3 1 700 000 000
corporate
CHF 8 1 315 000 000
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
Honduras, TB 11mar2020 12m - Domestic bonds HNBCHN010851 0% 81 707 000  HNL 03/18/2019 03/11/2020
Honduras, TB 12feb2020 12m - Domestic bonds 0% 961 719 000  HNL 02/18/2019 02/12/2020
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
Honduras, TB 15jan2019 12m - Domestic bonds 0% 1 368 221 000  HNL 01/21/2019 01/15/2020
Honduras, TB 4dec2019 12m - Domestic bonds 0% 1 516 097 000  HNL 12/24/2018 12/04/2019
Honduras, TB 6nov2019 12m - Domestic bonds 0% 1 507 129 000  HNL 11/26/2018 11/06/2019
Honduras, TB 14aug2019 9m - Domestic bonds 0% 1 216 159 000  HNL 11/26/2018 08/14/2019
Honduras, GDH 10.45 12nov2028 - Domestic bonds HNSEFI003029 10.45% 196 654 000  HNL 11/21/2018 11/12/2028
Honduras, TB 9oct2019 12m - Domestic bonds 0% 2 258 799 000  HNL 10/29/2018 10/09/2019
Honduras, TB 5jun2019 9m - Domestic bonds 0% 104 408 000  HNL 10/01/2018 06/05/2019

Forex

Daily indices

Type: 03/19/2019 03/18/2019 03/15/2019 03/14/2019 03/13/2019 03/12/2019 03/11/2019
FOREX rates
[12671] USD/HNL 24.4304 24.4134 24.4101 24.4034 24.4354 24.4334 24.4307
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GDP

Yearly indices

Type: 2017 2016 2015 2014
Government debt-to-GDP (Latin America)
[15201] Government Debt to GDP(Honduras) 44.42 38.45 44.06 42.93

International bonds outstanding volume

Monthly indices

Type: Feb 2019 Jan 2019 Dec 2018 Nov 2018 Oct 2018 Sep 2018 Aug 2018
Latin America international bonds outstanding volume
[21417] Honduras international bonds, USD bln 4.918 4.935 4.913 4.963 5.040 5.101 5.120
[21477] Honduras corporate international bonds, USD bln 3.218 3.235 3.213 3.263 3.340 3.401 3.420
[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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Inflation

Monthly indices

Type: Oct 2018 Sep 2018 Aug 2018 Jul 2018 Jun 2018 May 2018 Apr 2018
Inflation (Latin America)
[15549] Inflation Rate (Honduras) 4.70 4.40 4.40 4.20 4.20 4.00 4.20
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New international bonds volume

Monthly indices

Type: Feb 2019 Jan 2019 Dec 2018 Dec 2018 Nov 2018 Oct 2018 Sep 2018
Latin America new international bonds volume
[18433] New issues of Honduras international bonds, USD bln 0.050 0.000 0.000 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: Feb 2019 Jan 2019 Dec 2018 Dec 2018 Nov 2018 Oct 2018 Sep 2018
Latin America new international bonds number
[18491] Number of Honduras new international bond issues 1 0 0 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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