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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 50 74 202 320 175
USD 3 1 700 000 000
corporate
CHF 9 1 415 000 000
USD 8 644 600 000
CNY 4 4 200 000 000
NOK 3 1 500 000 000
AUD 2 176 700 000
UYU 2 4 697 800 000
ZAR 2 1 360 700 000
THB 1 1 235 000 000
TRY 1 145 300 000
HNL 1 225 000 000
COP 1 100 000 000 000
CRC 1 40 500 000 000
EUR 1 35 000 000
HKD 1 400 000 000
MXN 1 700 000 000

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, 4.85% 23may2023, CNY - International bonds XS1815385031 4.85% 2 000 000 000  CNY 04/27/2018 05/23/2023
Honduras, GDH 8.26 12may2033 - Domestic bonds HNSEFI003151 8.26% 250 000 000  HNL 04/25/2018 05/12/2033
Honduras, GDH 9 12may2023 - Domestic bonds HNSEFI002955 9% 1 636 600 000  HNL 04/11/2018 05/12/2023
Honduras, GDH 10 12aug2025 - Domestic bonds HNSEFI002997 10% 2 897 102 000  HNL 02/21/2018 08/12/2025
Honduras, GDH 10.45 12nov2027 - Domestic bonds HNSEFI003011 10.45% 984 406 000  HNL 02/21/2018 11/12/2027
Honduras, GDH 11 12may2033 - Domestic bonds HNSEFI003078 11% 1 207 108 000  HNL 02/21/2018 05/12/2033
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

New issues of Emerging markets International Bonds

Monthly indices

Type Apr 2018 Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017
Emerging Markets International Bonds (Latin America)
New issues of Honduras international bonds, USD bln 0.000 0.316 0.000 0.000 0.214 0.000 0.000
Number of Honduras new international bond issues 0 1 0 0 1 0 0
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Emerging Markets International Bonds

Monthly indices

Type Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Oct 2017 Sep 2017
Latin American Markets International Bonds
Honduras international bonds, USD bln 4.961 5.101 4.919 4.655 4.582 4.566 4.616
Honduras corporate international bonds, USD bln 3.261 3.401 3.219 2.955 2.882 2.866 2.916
Honduras sovereign international bonds, USD bln 1.700 1.700 1.700 1.700 1.700 1.700 1.700
Latin American International Bonds Markets (adjusted for amortization)
Honduras international bonds, USD bln 4.961 5.101 5.134 4.819 4.854 4.835 4.887
Honduras corporate international bonds, USD bln 3.261 3.401 3.434 3.119 3.154 3.135 3.187
Honduras sovereign international bonds, USD bln 1.700 1.700 1.700 1.700 1.700 1.700 1.700
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Currencies

Daily indices

Type: 05/25/2018 05/24/2018 05/23/2018 05/22/2018 05/21/2018 05/18/2018 05/17/2018
Exchange Rates (Emerging Markets)
USD/HNL 23.8751 23.8758 23.8625 23.8123 23.8412 23.8101 23.8095
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Macroeconomic Indicators (World economy)

Monthly indices

Type Apr 2018 Mar 2018 Feb 2018 Jan 2018 Dec 2017 Nov 2017 Sep 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Honduras) 4.20 4.35 4.33 4.57 4.73 4.33 3.66
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Yearly indices

Type 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Honduras) 38.45 44.06 42.93

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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