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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 63 106 335 367 176
USD 3 1 700 000 000
corporate
CHF 9 1 515 000 000
USD 6 552 000 000
UYU 4 8 088 150 000
NOK 3 1 500 000 000
CNY 3 3 500 000 000
MXN 2 3 700 000 000
ZAR 2 1 360 700 000
AUD 2 176 700 000
HKD 1 400 000 000
CRC 1 40 500 000 000
EUR 1 35 000 000
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 9sep2020 12m - Domestic bonds 0% 1 727 086 000  HNL 09/09/2019 09/09/2020
Honduras, GDH 9.75 12aug2027 - Domestic bonds HNSEFI003474 9.75% 285 000 000  HNL 08/28/2019 08/12/2027
Honduras, TB 5aug2020 12m - Domestic bonds HNBCHN001090 0% 1 417 237 000  HNL 08/12/2019 08/05/2020
Honduras, GDH 9.1 12may2025 - Domestic bonds HNSEFI003458 9.1% 767 082 000  HNL 07/31/2019 05/12/2025
Central American Bank for Economic Integration, FRN 19jul2022, MXN - International bonds XS2027945562 Mexico Interbank TIIE 28 day - 0.09% 3 000 000 000  MXN 07/23/2019 07/19/2022
Honduras, TB 8jul2020 12m - Domestic bonds HNBCHN010893 0% 533 742 000  HNL 07/15/2019 07/08/2020
Central American Bank for Economic Integration, 10.9% 12jul2024, UYU - International bonds XS2018835558 10.9% 1 758 800 000  UYU 06/27/2019 07/12/2024
Honduras, TB 10jun2020 12m - Domestic bonds HNBCHN010885 0% 1 557 942 000  HNL 06/17/2019 06/10/2020
Honduras, GDH 8.1 12feb2023 - Domestic bonds HNSEFI003409 8.1% 212 150 000  HNL 06/12/2019 02/12/2023
Honduras, GDH 8.69 12nov2028 - Domestic bonds HNSEFI003094 8.69% 1 358 599 000  HNL 06/06/2019 11/12/2028

Forex

Daily indices

Type: 09/23/2019 09/20/2019 09/19/2019 09/18/2019 09/17/2019 09/16/2019 09/13/2019
FOREX rates
[12671] USD/HNL 24.6145 24.6056 24.5918 24.5796 24.5856 24.5647 24.4915
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GDP

Yearly indices

Type: 2018 2017 2016 2015 2014
Government debt-to-GDP (Latin America)
[15201] Government Debt to GDP(Honduras) 43.44 44.42 38.45 44.06 42.93

International bonds outstanding volume

Monthly indices

Type: Aug 2019 Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019
Latin America international bonds outstanding volume
[21417] Honduras international bonds, USD bln 4.769 4.841 4.916 4.919 4.957 4.918 4.935
[21477] Honduras corporate international bonds, USD bln 3.069 3.141 3.216 3.219 3.257 3.218 3.235
[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: Aug 2019 Jul 2019 Jun 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019
Inflation (Latin America)
[15549] Inflation Rate (Honduras) 4.29 4.69 4.80 4.86 4.14 4.09 3.95
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New international bonds volume

Monthly indices

Type: Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019
Latin America new international bonds volume
[18433] New issues of Honduras international bonds, USD bln 0.000 0.000 0.000 0.000 0.000 0.000 0.050
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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: Aug 2019 Jul 2019 Jun 2019 May 2019 Apr 2019 Mar 2019 Feb 2019
Latin America new international bonds number
[18491] Number of Honduras new international bond issues 0 0 0 0 0 0 1
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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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