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 1 660 788 000 000
USD 4 2 530 000 000
municipal
PYG 12 66 375 000 000
corporate
PYG 294 2 777 570 367 665
USD 142 8 790 620 609

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
Empresa IBI, 15.5% 21nov2024, PYG (5) - Domestic bonds PYIBI05F7704 15.5% 3 000 000 000  PYG 06/02/2017 11/21/2024
Empresa IBI, 15.75% 20feb2025, PYG (6) - Domestic bonds PYIBI06F7711 15.75% 3 000 000 000  PYG 06/02/2017 02/20/2025
Empresa IBI, 16% 22may2025, PYG (7) - Domestic bonds PYIBI07F7728 16% 3 000 000 000  PYG 06/02/2017 05/22/2025
Tape Pora, FRN 28may2032, PYG (1) - Domestic bonds PYTPO01F7685 AFD + 2.75% to 01.06.2022, then AFD + 3% to 03.06.2024, then AFD + 4% to 01.06.2029, then AFD + 5% <br> where AFD - the rate of Agencia Financiera de Desarrollo for the product "Financiamiento de Proyectos de Inversion a traves de Adquisicion de Bonos de la AFD" (PROCRECER) <br> 10 000 000 000  PYG 06/01/2017 05/28/2032
Tape Pora, FRN 28may2032, PYG (2) - Domestic bonds PYTPO02F7692 AFD + 2.75% to 01.06.2022, then AFD + 3% to 03.06.2024, then AFD + 4% to 01.06.2029, then AFD + 5% <br> where AFD - the rate of Agencia Financiera de Desarrollo for the product "Financiamiento de Proyectos de Inversion a traves de Adquisicion de Bonos de la AFD" (PROCRECER) <br> 30 000 000 000  PYG 06/01/2017 05/28/2032
Paraguay, 7.3 24may2020 - Domestic bonds PYTNA01F7667 7.3% 50 000 000 000  PYG 05/24/2017 05/24/2020
Banco Continental Paraguay, 10.5% 30apr2024, PYG (4) - Domestic bonds PYCON04F7634 10.5% 15 000 000 000  PYG 05/03/2017 04/30/2024
Banco Continental Paraguay, 10% 2may2022, PYG (3) - Domestic bonds PYCON03F7627 10% 18 000 000 000  PYG 05/03/2017 05/02/2022
Banco Continental Paraguay, 5.75% 2may2022, USD (3) - Domestic bonds PYCON03F7643 5.75% 1 000 000  USD 05/03/2017 05/02/2022
Banco Continental Paraguay, 6.5% 30apr2027, USD (4) - Domestic bonds PYCON04F7659 6.5% 2 000 000  USD 05/03/2017 04/30/2027

World Bond market statistics

Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
Paraguayan international bonds, USD bln 3.500 3.000 3.400 3.400 3.400 2.900 2.900
BIS net issues of international-bond market of emerging countries
International-bond net issue of Paraguay, USD bln 0.500 0.400   0.000 0.500 0.000 0.000

Currencies

Daily indices

Type: 06/22/2017 06/21/2017 06/20/2017 06/19/2017 06/16/2017 06/15/2017 06/14/2017
Exchange Rates (Emerging Markets)
USD/PYG 5 578.3000 5 581.5000 5 588.7100 5 573.5600 5 568.6100 5 569.0300 5 568.6900
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Macroeconomic Indicators (World economy)

Monthly indices

Type May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Paraguay) 3.40 3.60 2.80 2.30 1.90
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Yearly indices

Type 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Paraguay) 19.70 17.60

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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