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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 51 62 044 131 875
USD 3 1 700 000 000
corporate
CHF 8 1 215 000 000
USD 8 644 600 000
CNY 4 3 000 000 000
NOK 3 1 500 000 000
AUD 2 176 700 000
ZAR 2 1 360 700 000
CRC 2 51 500 000 000
TRY 1 145 300 000
HKD 1 400 000 000
COP 1 100 000 000 000
EUR 1 35 000 000
HNL 1 225 000 000
MXN 1 100 000 000

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, 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
Honduras, GDH 7.85 12feb2021 - Domestic bonds 7.85% 253 865 000  HNL 07/19/2017 02/12/2021
Honduras, GDH 10 28jun2027 - Domestic bonds HNSEFI002096 10% 907 894 000  HNL 06/28/2017 06/28/2027
Honduras, GDH 10.75 11may2027 - Domestic bonds HNSEFI002351 10.75% 20 307 000  HNL 05/11/2017 05/11/2027
Central American Bank for Economic Integration, FRN 17apr2022, USD - International bonds XS1584824525 2.35333% 167 000 000  USD 03/23/2017 04/17/2022
Honduras, GDH 9 12may2022 - Domestic bonds 9% 1 886 637 000  HNL 02/15/2017 05/12/2022
Honduras, GDH 10 12aug2024 - Domestic bonds 10% 1 622 611 000  HNL 02/15/2017 08/12/2024
Honduras, GDH 10.45 12nov2026 - Domestic bonds 10.45% 2 310 037 875  HNL 02/15/2017 11/12/2026

New issues of Emerging markets International Bonds

Monthly indices

Type Sep 2017 Aug 2017 Jul 2017 Jun 2017 May 2017 Apr 2017 Mar 2017
Emerging Markets International Bonds (Latin America)
New issues of Honduras international bonds, USD bln 0.000 0.054 0.150 0.000 0.000 0.000 0.167
Number of Honduras new international bond issues 0 2 1 0 0 0 1
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Emerging Markets International Bonds

Monthly indices

Type Sep 2017 Aug 2017 Jul 2017 Jun 2017 May 2017 Apr 2017 Mar 2017
Latin American Markets International Bonds
Honduras international bonds, USD bln 4.616 4.604 4.505 4.368 4.348 4.305 4.298
Honduras corporate international bonds, USD bln 2.916 2.904 2.805 2.668 2.648 2.605 2.598
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: 10/20/2017 10/19/2017 10/18/2017 10/17/2017 10/16/2017 10/13/2017 10/12/2017
Exchange Rates (Emerging Markets)
USD/HNL 23.4598 23.4135 23.4341 23.4310 23.4206 23.4152 23.4077
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Macroeconomic Indicators (World economy)

Monthly indices

Type Aug 2017 Jun 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Honduras) 3.84 3.65 4.10 3.94 3.84 3.44
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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, 8.75% 16dec2020, USD   USD 12/16/2020 05/18/2016 ***.** *.** 05/18/2016 ***.** *.**
Honduras, FRN 15mar2024, USD   USD 03/15/2024 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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150 000
issues: local and international bonds
170
countries
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