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 1 688 852 000 000
USD 4 2 530 000 000
municipal
PYG 14 69 725 000 000
corporate
PYG 297 2 803 750 367 665
USD 142 8 792 511 609

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
Wisdom Product, 13% 8mar2021, PYG (1) - Domestic bonds PYWIS01F7503 13% 5 000 000 000  PYG 03/13/2017 03/08/2021
Wisdom Product, 14% 8mar2022, PYG (2) - Domestic bonds PYWIS02F7510 14% 5 000 000 000  PYG 03/13/2017 03/08/2022
Frigorifico Concepcion, 8.9% 20feb2020, USD (12) - Domestic bonds PYFRI12F7494 8.9% 3 250 000  USD 02/24/2017 02/20/2020
Lc Risk Management, 13.75% 5may2020, PYG (7) - Domestic bonds PYLCR07F7481 13.75% 3 000 000 000  PYG 02/07/2017 05/05/2020
Vision Banco, 9% 26jan2027, USD (5) - Domestic bonds PYVIS05F7476 9% 3 000 000  USD 02/06/2017 01/26/2027
Frigorifico Concepcion, 8.5% 28may2020, USD (10) - Domestic bonds PYFRI10F7355 8.5% 750 000  USD 01/27/2017 05/28/2020
Frigorifico Concepcion, 9.5% 26may2022, USD (11) - Domestic bonds PYFRI11F7362 9.5% 750 000  USD 01/27/2017 05/26/2022
Vision Banco, 9% 12jan2027, USD (4) - Domestic bonds PYVIS04F7345 9% 1 557 000  USD 01/24/2017 01/12/2027
Biedermann Publicidad S.A., 14% 6dec2019, PYG (1) - Domestic bonds PYBIE01F7322 14% 370 000 000  PYG 12/29/2016 12/06/2019
Biedermann Publicidad S.A., 16% 3dec2021, PYG (2) - Domestic bonds PYBIE02F7339 16% 3 130 000 000  PYG 12/29/2016 12/03/2021

World Bond market statistics

Quarterly indices

Type IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015 II 2015
BIS volume of international-bond market of emerging countries
Paraguayan international bonds, USD bln 3.000 3.400 3.400 3.400 2.900 2.900 2.900
BIS net issues of international-bond market of emerging countries
International-bond net issue of Paraguay, USD bln 0.400   0.000 0.500 0.000 0.000 0.300

Currencies

Daily indices

Type: 03/23/2017 03/22/2017 03/21/2017 03/20/2017 03/17/2017 03/16/2017 03/15/2017
Exchange Rates (Emerging Markets)
USD/PYG 5 595.6000 5 602.2400 5 548.4700 5 520.3000 5 517.5500 5 516.9400 5 524.1900
show other indices

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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