Andean Region Fixed Income Weekly February 16 th 2016

Transcription

1 Andean Region Fixed Income Weekly February 1 th 01 What s inside Colombia update: S&P revised its rating outlook to negative (from neutral)...p. Peru update: Central Bank to keep policy tightening, concerned about inflation p. Trade Idea 1: Overweight ECOPET Vs. Underweight ECOPET P. Trade Idea : Overweight INKENE 1 Vs. Underweight TRANSM P. Andean corporate news.... P. What-to watch: Economic and Corporate calendar next week.. P. Indicative prices.... P.P - Local View: Colombia BanRep released the minutes of its last Board meeting. Board confident that inflation will converge to %. This Friday, BanRep will hold its ordinary meeting. Expected + bps. Local View: Peru Central Bank (BCR) increased its benchmark rate by bps, third time in a row; increasingly concerned about inflation. Higher than expected DEC1 GDP brings some optimism to local markets, but we remain cautious on 1Q1 perspectives, as growth still led by primary sectors and domestic demand remain relatively weak. Trade Idea 1: Overweight ECOPET Vs. Underweight ECOPET Spread between Ecopetrol and Ecopetrol has decreasing since Feb. rd, after hitting 10.bps. We consider that the abnormal spread widening could normalize in coming weeks, and our base scenario depicts a spread reduction of around 0-bps. Trade Idea : Overweight INKENE 1 Vs. Underweight TRANSM Spread between INKENE 1 (Inkia Energy) and TRANSM is 1bps, reflecting an increase of Inkia Energy s yield, which should reverse in the short term as improving sector dynamics translates into lower risk perception. We aim at a spread reduction of 0bps (1-year average spread: 1bps). 1

2 0 de Marzo de 01 LOCAL VIEW: COLOMBIA S&P revised its rating outlook for the country to negative (from neutral), reflecting risks that Colombia's external position could deteriorate further, particularly if the government fails to undertake timely fiscal measures to contain its budget deficit. S&P revised Colombia s outlook Decision based on oil price forecasts ($0/b in 01, $ in 01, and $0 in 01) that weakened S&P projections for Colombia, particularly for economic growth, fiscal balances and external deficits. Oil dependency is a key factor S&P expects that government makes progress with fiscal adjustment measures and successful peace negotiations; otherwise, fiscal slippage would cause further external weakness, worsening Colombia's credit standing. On Friday, BanRep released the minutes of its last Board meeting, which show that Board is still confident that inflation will start converging dramatically to % in Q01; impact of El Niño and weaker FX much larger than previously expected. In 01, slower activity will cool down demand, reducing current account deficit. bps hike was taken by majority; majority cited need be predictable in monetary policy (gradual rate rises seen as prudent move in this scenario). Minority that voted for 0bps cited a need to send a strong message to markets and to further slowdown economy. BanRep survey to analysts also showed a rise in 01 inflation expectations, +bps to.9%. In line with these forecasts, analysts expect +bps in BanRep's next meeting. Fiscal pressure becomes the central point Central Bank minutes: El Niño s negative effect and devaluation more than expected CPI expectations higher than before More repo hikes to come LOCAL VIEW: PERU As expected, last week the Central Bank (BCR) increased its benchmark rate by bps to.% (third consecutive monthly hike). In its statement, BCR expressed a heightened concern that current pressures on prices could reinforce inflationary inertia. Given this latest action and the tone of its statement, we strengthen our conviction that BCR will do whatever it takes to reign on inflation expectations; given inflationary inertia risks and pressures on PEN, we expect sooner rather than later additional rate hikes. We believe an extra bps hike in its March meeting is now more likely; moreover, due to the lag with which monetary policy actions take effect in the economy, we would not rule out an additional hike in Q1. As a reaction to higher short term rates expected in coming months, the USD sovereign curve flattened since last week, mostly as yields in the short end rose. DEC1 GDP came higher than expected (.% vs..% YoY), positively surprising market participants (on the heels of better than expected mining activity) and bringing some optimism on 1Q1 performance. However, since DEC1 growth was led again by primary sectors, and investment and consumption remain subdued, we recommend caution on 01 year-end numbers. BCR hikes key rate, third time in a row BCR shows growing concern about inflation pressures We expect at least another +0bps in coming months DEC1 GDP surprises to the upside, but we remain cautious

3 Feb-1 Mar-1 Mar-1 Mar-1 Apr-1 Apr-1 May-1 May-1 Feb-1 Feb-1 Basis Points May-1 Feb-1 Feb-1 Mar-1 Mar-1 Mar-1 Apr-1 Apr-1 May-1 May-1 Feb-1 Feb-1 Basis Points May-1 Feb-1 0 de Marzo de 01 TRADE IDEA 1 Overweight Ecopetrol 0 Vs. Underweight Ecopetrol 0 We want to highlight an investment opportunity based on two long term Ecopet Bonds that have similar duration. Spread between Ecopetrol and Ecopetrol has decreasing since Feb. rd, after hitting 10.bps. We consider that the abnormal spread widening could normalize in coming weeks, and our base scenario depicts a spread reduction of around 0-bps. Entry/Current spread is. Average spread:.. If spread widens above 110bps, we recommend to close the trade idea and realize the loss. More about the bonds: ECOPET ⅜ 09/1/ Bloomberg: EJ19 <Corp> ECOPET ⅞ 0// Bloomberg: EK1<Corp> Spread Ecopet Vs Ecopet Average 1 year ECOPET ECOPET High: 10. TRADE IDEA 0 Ave:. Overweight INKENE 1 Vs. Underweight TRANSM Spread between INKENE 1 and TRANSM is 1bps, mostly due to an increase of Inkia Energy s yield, which should reverse in the short term as improving sector dynamics would translate into lower risk perception. We aim at a spread reduction of 0bps. Average spread: 1.9. If spread widens above 9bps, we recommend to close the trade idea and realize the loss Low: -1. More about the bonds: INKENE ⅜ 0/0/1 Bloomberg: EI1 <Corp> TRANSM ⅜ 0/0/ Bloomberg: EJ00 <Corp> Ideas tracking record INKENE 1 TRANSM 0 Spread INKENE 1 Vs TRANSM High: 9 00 Average 1 year 0 00 Ave: Low: Source: Bloomberg, Calculated by AdCap Colombia and Peru Note: Positive trades Blue / Negative trades Red

4 0 de Marzo de 01 CORPORATE NEWS LAST WEEK (PACIFIC EXPLORATION) HARBOUR ENERGY LTD., INVESTMENT VEHICLE OF EIG, is offering to buy Pacific s distressed bonds for 1 cents on the dollar with no accrued interest. The offer is less than a previous bid in January of 1. cents plus interest that failed and had no support. (ECOPETROL) JP MORGAN CHANGED ITS ADR TARGET PRICE FROM $ 9. TO $.. Also, it changed the target price for the local currency denominated stock from COP$ 10 to COP$ 100. (ECOPETROL) REPORTED THAT IN 01 THE CORPORATE GROUP ACHIEVED ITS SAVINGS GOALS FOR A TOTAL OF COP$. TRILLION, of which COP$. trillion corresponded to the parent company. Given the challenging price environment in 01, ECOPETROL announced that it will seek additional COP$1. trillion savings in 01. (AVIANCA) CARGO OPERATED MORE THAN 10 FLIGHTS FOR VALENTINE S DAY, During the 01 season, the Company recorded the highest volume of cargo to Miami, mobilizing 1 tones of flowers in one single day. Avianca Cargo s itinerary for the season was satisfactorily followed, reaching 9 percent reliability for scheduled transfers. (ISA) SUPERINTENDENCIA FINANCIERA AUTHORIZED AN INCREASE IN QUOTA OF PUBLIC DEBT OF COP$. BIL- LION. These resources will be destined for issue and placement of shares, in order to cash flow requirements. METALS & MINING: SOUTHERN COOPER CORPORATION AND VOLCAN RELEASED THEIR Q1 RESULTS. Performance of both firms has been affected by the downtrend in metals prices. Nevertheless, Southern increased the volume of copper and zinc sold, but that was not enough to beat last year s net income ($. MM vs. $1, MM). Volcan had a net income in Q1 of US$ 1.1 MM; less than the US$ 10. MM. PERUVIAN FINANCIALS REPORTED MIXED RESULTS: Credicorp Ltd. recorded a Q1 recurring net income of PEN 9. MM (+.% QoQ, +% YoY). On the other hand, IFS reported a net profit contraction of 1.% YoY and.9% QoQ in Q1 (on higher operating expenses and negative performance in subsidiary Interseguro). Finally, BBVA Continental s higher operating expenses in Q1 was the main driver of its.% YoY drop in net income (barely +.1% 01 vs. 01, underperforming BCP, Interbank and Scotiabank). CEMENTOS PACASMAYO WITH HIGHER REVENUES, THOUGH NET INCOME FELL IN Q1. Revenues grew.% YoY on enhanced preventive public investment due to El Niño, but net profit was PEN 9. MM, 1.9% less than Q1. WHAT-TO-WATCH. ECONOMIC AND CORPORATE CALENDAR Date Country US Eastern Time Event Period Expected Previous 1/0/01 COL 1:00 Retail Sales YoY Dec 0.0% -0.0% COL 1:00 Industrial Production YoY Dec.0%.0% 19/0/01 COL 1:00 CIF Total Imports Dec COL Interes Rate overnight.%.00% PER GDP YoY Q1.90% PER Current Account Balance (% GDP) Q1 -.90% PER Fiscal Balance (% GDP) Q1 -.0% /0/01 COL 1:00 Celsia Earnings Report Q1 This report is delivered for information only and does not constitute an offer or sale of securities nor shall it be construed or interpreted by any person as a solicitation to effect, or attempt to effect transactions in securities. Further, this report does not make any representation or warranty, express or implied, as to the advisability of investing in any securities. None of the entities or individuals named herein will be liable to any person for any reliance on this report when making or omitting to make any investment decision, or when taking or omitting to take any action which has legal consequences.

5 COLOM 0 COLOM 19 COLOM 1 COLOM COLOM COLOM.1 COLOM COLOM COLOM COLOM 1 COLOM COLOM AVALCB 1 BANBOG1 DAVIVI 1 ECOPET 1 EEPPME 19 BCOLO 1 DAVIVI BCOLO BANBOG SUAMSA BANGAN BCOLO 1 GRUPOS 1 BCOLO 0 GNBSUD 1 ECOPET 19 OCENSA 1 EEBCB 1 EEBCB GNBSUD TELEFO AVALCB ECOPET ECOPET ECOPET ECOPET ECOPET 0 de Marzo de 01 COLOMBIA Indicative prices Corporate Price AVALCB % 0.0% 0.1% 0.% AVALCB % -.0% -.1% -.0% BANBOG % 0.00% 0.1% 0.9% BANBOG % 0.1% -1.0% -0.9% BCOLO % 0.% 0.% 0.% BCOLO % -0.% -0.% -0.% BCOLO % 0.10% 0.19% 0.9% BCOLO % -1.1% -.1% -1.1% DAVIVI % 1.0% -0.% -.11% DAVIVI % 1.1% -1.% -.% GNBSUD %.0% 0.1% -1.0% GNBSUD % -0.0% -.9% -1.% GRUPOS % 0.1% -.1% -.% SUAMSA % 0.% -.% -.90% BANGAN % -1.0% -.9% -.9% ECOPET % -0.9% -1.% -.0% ECOPET % -0.% -.% -.1% ECOPET % 1.9% -.% -.9% ECOPET %.0% -.0% -.9% ECOPET. 0.00%.% -.% -.% ECOPET % -.9% -.19% -9.1% ECOPET % 1.19% -.1% -.1% OCENSA % 0.00% -.% -.0% PRECN %.9% 10.% -.9% PRECN % -.1% 1.0% -1.% PRECN %.%.% -1.% PRECN %.%.% -1.1% EEBCB % -1.0% -.9% -.9% EEBCB % -0.% -.1% -.9% EEPPME % -0.90% -.09% -.1% TELEFO % -0.% -1.% -.% TELEFO % -1.% -.% -.% PFAVHC % -0.% 1.%.9% Colombia Gov USD Price COLOM % -0.% -.1% -.% COLOM % -1.% -.% -.9% COLOM % -1.% -.% -.9% COLOM % -1.0% -.% -.% COLOM % -1.% -.91% -.% COLOM % -1.1% -.1% -.9% COLOM % 0.9% 0.% 0.% COLOM % -1.00% -.% -.% COLOM % -1.0% -.% -.% COLOM.. -0.% -0.9% -.% -.% COLOM % -0.% -1.10% -1.% COLOM % -0.1% -1.% -1.0% COLOM % -0.% -1.% -1.% COLOM % -0.0% -0.% -0.% COLOM % -0.1% -0.% -0.% COLOM % -1.9% -.0% -.0% % 1.0% 0.0% -1.0% -.0% -.0% -.0% -.0% Financials Oil & Gas Utilities Airlines %.%.0% 1.% 1.0% 0.% 0.0% -0.% -1.0% Weekly Total Return Weekly Total Return Source: Reuters; Bloomberg, calculated by Ad Cap Colombia.

6 COLTES. 1 COLTES. 1 COLTES COLTES 1 COLTES COLTES 19 COLTES 0 COLTES COLTES COLTES 0 COLTES 0 de Marzo de 01 COLOMBIA Indicative prices Colombia Gov Cop Price COLTES % -0.91% -.% -.% COLTES.1-0.1% -0.9% -.1% -.0% COLTES % -0.91% -.% -.% COLTES % -1.% -.0% -.1% COLTES % -0.9% -.% -.% COLTES % -0.90% -1.% -.% COLTES % -1.0% -1.% -.1% COLTES % -0.% -1.0% -1.0% COLTES % -0.% -1.1% -1.% COLTES % 0.0% 0.0% 0.0% COLTES % 0.00% -0.11% -0.0% Corporate Industry Issuer Price YTW Mdur Z-Spd Var Z-Spd (bps) Spd Coupon Issue Maturity Rating Rank Amount (USD MM) Daily Weekly M YTD o/sov Rate Type Date Date Type Moody's S&P Fitch VALCB. 1 Financial GRUPO AVAL LTD FIXED /1/01 /1/01 AT MATURITY Sr Unsecured $ 00,000,000 Ba1 BBB VALCB. Financial GRUPO AVAL LTD FIXED 9//01 9//0 AT MATURITY Sr Unsecured $ 1,000,000,000 Ba1 BBB ANBOG 1 Financial BANCO DE BOGOTA SA FIXED 1/19/0111/1/01 AT MATURITY Sr Unsecured $ 00,000,000 Baa BBB+ BBB- ANBOG. Financial BANCO DE BOGOTA SA FIXED /19/01 /19/0 AT MATURITY Subordinated $ 00,000,000 Ba1 BBB COLO. 1 Financial BANCOLOMBIA SA FIXED //00 //01 AT MATURITY Subordinated $ 199,1,000 Ba1 BBB COLO.1 0 Financial BANCOLOMBIA SA FIXED //010 //00 AT MATURITY Subordinated $ 0,000,000 Ba1 BBB COLO.9 1 Financial BANCOLOMBIA SA FIXED 10//011//01 AT MATURITY Sr Unsecured $ 99,,000 Baa BBB+ COLO.1 Financial BANCOLOMBIA SA FIXED 9/11/01 9/11/0 AT MATURITY Subordinated $ 1,,1,000 Ba1 BBB AVIVI.9 1 Financial BANCO DAVIVIENDA SA FIXED 1/9/01 1/9/01 AT MATURITY Sr Unsecured $ 00,000,000 Baa BBB BBB- AVIVI. Financial BANCO DAVIVIENDA SA FIXED /9/01 /9/0 AT MATURITY Subordinated $ 00,000,000 Ba BBB- NBSUD. 1 Financial BANCO GNB SUDAMERIS SA FIXED //01 //01 AT MATURITY Sr Unsecured $ 00,000,000 Ba1 WD NBSUD. Financial GNB SUDAMERIS BANK SA FIXED /0/01 /0/0 AT MATURITY Subordinated $ 0,000,000 B1 WD RUPOS. 1 Financial GRUPOSURA FINANCE FIXED /1/011 /1/01 AT MATURITY Sr Unsecured $ 00,000,000 BBB- BBB UAMSA. Financial SUAM FINANCE BV FIXED /1/01 /1/0 AT MATURITY Sr Unsecured $ 00,000,000 Baa1 BBB+ ANGAN. Financial BBVA COLOMBIA SA FIXED /1/01 /1/0 AT MATURITY Subordinated $ 00,000,000 Baa BBB COPET. 1 Energy ECOPETROL SA FIXED 9/1/01 9/1/01 AT MATURITY Sr Unsecured $ 0,000,000 Baa BBB BBB COPET. 19 Energy ECOPETROL SA FIXED 10//009 //019 AT MATURITY Sr Unsecured $ 1,9,,000 Baa BBB BBB COPET. Energy ECOPETROL SA FIXED 9/1/01 9/1/0 AT MATURITY Sr Unsecured $ 1,00,000,000 Baa BBB BBB COPET.1 Energy ECOPETROL SA FIXED 9/1/01 1/1/0 AT MATURITY Sr Unsecured $ 1,00,000,000 Baa BBB BBB COPET. Energy ECOPETROL SA FIXED //01 //0 CALLABLE Sr Unsecured $ 1,00,000,000 Baa BBB BBB COPET. Energy ECOPETROL SA FIXED 9/1/01 9/1/0 AT MATURITY Sr Unsecured $ 0,000,000 Baa BBB BBB COPET. Energy ECOPETROL SA FIXED //01 //0 AT MATURITY Sr Unsecured $,000,000,000 Baa BBB BBB CENSA 1 Energy OLEODUCTO CENTRAL SA FIXED //01 //01 AT MATURITY Sr Unsecured $ 00,000,000 Baa BBB RECN. 19 Energy PACIFIC EXPLORATION AND FIXED 11//011//019 CALLABLE Sr Unsecured $ 1,00,000,000 Ba B+ BB RECN. 1 Energy PACIFIC EXPLORATION AND FIXED 1/1/0111/1/01CALLABLE Sr Unsecured $ 90,9,000 Ba B+ BB RECN.1 Energy PACIFIC EXPLORATION AND FIXED //01 //0 CALLABLE Sr Unsecured $ 1,000,000,000 Ba B+ BB RECN. Energy PACIFIC EXPLORATION AND FIXED 9/19/01 1/19/0 CALLABLE Sr Unsecured $ 1,11,1,000 Ba B+ BB EBCB.1 1 Utilities EMPRESA DE ENERGIA DE BO FIXED 11/10/01111/10/01CALLABLE Sr Unsecured $ 9,000,000 Baa BBB BBB- EBCB. Energy TRANSPRTDRA DE GAS INTL FIXED /0/01 /0/0 CALLABLE Sr Unsecured $ 0,000,000 Baa BBB BBB- EPPME. 19 Utilities EMPRESAS PUBLIC MEDELLIN FIXED /9/009 /9/019 AT MATURITY Sr Unsecured $ 00,000,000 Baa BBB+ ELEFO. Communications COLOMBIA TELECOMM SA ESP FIXED 9//01 9//0 CALLABLE Sr Unsecured $ 0,000,000 BB BB ELEFO. 9 Communications COLOMBIA TELECOMUNICACIO VARIABL/0/01 PERP/CALL Subordinated $ 00,000,000 B+ B FAVHC. 0 Consumer, CyclicaAVIAN HLDS SA/LEASING/GR FIXED /10/01 /10/00 CALLABLE Sr Unsecured $ 00,000,000 B+ B Colombia Gov Industry Issuer Price YTW Mdur Z-Spd Var Z-Spd (bps) Spd Coupon Issue Date Maturity Rank Amount (USD MM) Rating USD OLOM Government REPUBLIC OF COLOMBIA FIXED 1//01 /1/0 CALLABLE Sr Unsecured $,00,000,000 Baa BBB BBB OLOM. Government REPUBLIC OF COLOMBIA FIXED 1//01 //0 CALLABLE Sr Unsecured $,00,000,000 Baa BBB BBB OLOM.1 1 Government REPUBLIC OF COLOMBIA FIXED 10/0/0091/1/01 AT MATURITY Sr Unsecured $,00,000,000 Baa BBB BBB OLOM. Government REPUBLIC OF COLOMBIA FIXED 9/19/00 9/1/0 AT MATURITY Sr Unsecured $ 1,1,00,000 Baa BBB BBB OLOM 10. Government REPUBLIC OF COLOMBIA FIXED 1//00 1//0 AT MATURITY Sr Unsecured $ 0,11,000 Baa BBB BBB OLOM 11. Government REPUBLIC OF COLOMBIA FIXED /1/000 /9/0 AT MATURITY Sr Unsecured $ 9,10,000 BBB BBB OLOM. Government REPUBLIC OF COLOMBIA FIXED //199 /1/0 AT MATURITY Sr Unsecured $,9,000 Baa BBB BBB OLOM.1 Government REPUBLIC OF COLOMBIA FIXED 1/1/00 /1/0 AT MATURITY Sr Unsecured $ 1,000,000,000 Baa BBB BBB OLOM Government REPUBLIC OF COLOMBIA FIXED 9//01 //0 CALLABLE Sr Unsecured $,100,000,000 Baa BBB BBB OLOM. Government REPUBLIC OF COLOMBIA FIXED 1/9/01 /1/0 CALLABLE Sr Unsecured $ 1,000,000,000 Baa BBB BBB OLOM. 1 Government REPUBLIC OF COLOMBIA FIXED /1/011 /1/01 AT MATURITY Sr Unsecured $,000,000,000 Baa BBB BBB OLOM Government REPUBLIC OF COLOMBIA FIXED //000 //00 AT MATURITY Sr Unsecured $ 9,09,000 Baa BBB BBB OLOM. 19 Government REPUBLIC OF COLOMBIA FIXED 1/1/009 /1/019 AT MATURITY Sr Unsecured $,000,000,000 Baa BBB BBB OLOM. 1 Government REPUBLIC OF COLOMBIA FIXED //00 1//01 AT MATURITY Sr Unsecured $ 1,0,000,000 Baa BBB BBB OLOM. 1 Government REPUBLIC OF COLOMBIA FIXED 10//199 10//01 PUTABLE Sr Unsecured $,,000 Baa BBB BBB OLOM. 1 Government REPUBLIC OF COLOMBIA ###### FIXED /1/199 /1/01 AT MATURITY Sr Unsecured $,,000 Baa BBB BBB Colombia Gov COP Industry Issuer Price YTW Mdur Var Z-Spd (bps) Spd Coupon Maturity Rating Z-Spd Issue Date Rank Amount (USD MM) OLTES. 0 Government TITULOS DE TESORERIA B FIXED 1/1/01 9/1/00 AT MATURITY Unsecured $,1,19,99,000 Baa OLTES Government TITULOS DE TESORERIA B FIXED //01 //0 AT MATURITY Sr Unsecured $ 10,9,99,1,000 Baa OLTES. Government TITULOS DE TESORERIA B FIXED 9/0/011 //0 AT MATURITY Sr Unsecured $,1,11,000,000 Baa OLTES 10 Government TITULOS DE TESORERIA B FIXED /19/009 //0 AT MATURITY Sr Unsecured $ 1,,00,,000 Baa OLTES Government TITULOS DE TESORERIA B FIXED /9/01 //0 AT MATURITY Sr Unsecured $ 11,91,9,000,000 Baa OLTES 11 0 Government TITULOS DE TESORERIA B FIXED /9/00 //00 AT MATURITY Sr Unsecured $ 10,00,9,1,000 Baa OLTES 19 Government TITULOS DE TESORERIA B FIXED 1/1/01 9/11/019 AT MATURITY Sr Unsecured $,,9,,000 Baa OLTES 1 Government TITULOS DE TESORERIA B FIXED 11/1/0111/1/01AT MATURITY Unsecured $ 10,,,000,000 Baa OLTES Government TITULOS DE TESORERIA B FIXED /9/00 10//01AT MATURITY Sr Unsecured $ 1,990,,000,000 Baa OLTES. 1 Government TITULOS DE TESORERIA B FIXED /1/01 /1/01 AT MATURITY Unsecured $,,09,90,000 Baa OLTES. 1 Government TITULOS DE TESORERIA B E-1. FIXED 11//009/1/01 AT MATURITY Sr Unsecured $ 0,,9,000,000 Baa OLTES Government TITULOS DE TESORERIA B FIXED //01 //0 AT MATURITY Unsecured $,1,1,0 Baa OLTES. Government TITULOS DE TESORERIA B FIXED //01 //0 AT MATURITY Sr Unsecured $,00,10,000 OLTES. Government TITULOS DE TESORERIA B FIXED 1/1/00 //0 AT MATURITY Sr Unsecured $ 9,1,9,90 Baa OLTES. 1 Government TITULOS DE TESORERIA B FIXED /10/011 /10/01 AT MATURITY Sr Unsecured $ 1,90,, Baa OLTES. 19 Government TITULOS DE TESORERIA B FIXED 1//01 /1/019 AT MATURITY Sr Unsecured $,,00,0 OLTES. 1 Government TITULOS DE TESORERIA B FIXED //010 /1/01 AT MATURITY Sr Unsecured $ 1,0,09,90 Baa Source: Bloomberg, Calculated by Ad Cap Colombia.

7 PERU 19 PERU PERU PERU PERU 0 MIVIVI 19 COFIDE 19 BCOCPE 0 COFIDE CPACPE MIVIVI BCP BCOCPE 9 BCP 1 BCOCPE 1 MAESPE 19 BCOCPE 1 BCP 1 BCOCPE 1 BCP 0 ISCORP HOCLN 1 1 BINTPE 0 BCP UNACEM VOLCAN 1 BCP MILPOC BCOCPE BNSCN TRANSM MINSUR BINTPE 9 IFHBH COFIDE 9 COFIDE TGPERU 0 de Marzo de 01 PERU Indicative prices Corporate Price CPACPE % 0.00% -0.% -1.0% UNACEM % -0.% -.1% -.% AJECBV %.% -1.% -1.% MAESPE % -1.19% 0.% 0.% ISCORP % -0.91% -.9% -.1% TGPERU % -0.9% -0.% -.9% TRANSM % 0.00% -1.0% -1.9% BCOCPE % 0.00% 0.% 0.% BCOCPE % -0.% -0.% -0.% BCOCPE % 0.10% 0.% 0.00% BCOCPE % -1.% -1.0% -1.0% BCOCPE 10..0% -0.0% 1.9% -0.1% BCOCPE % -.% -.0% -.% BCP % -0.1% -0.% -0.0% BCP % -0.9% -0.9% -0.% BCP % -0.% -1.% -1.9% BCP % -1.% -0.% -0.9% BCP % -0.1% -.% -.9% BCP % -0.% -1.% -.% BINTPE % 0.00% -0.% 1.1% BINTPE % 0.9% -.10% -.1% BNSCN % -0.11% -.1% -.1% IFHBH % -1.1% -.1% -.9% HOCLN %.% -0.% -0.0% MILPOC % -.% -1.1% -1.1% MINSUR % -0.% -.% -1.% VOLCAN % 1.1%.% -1.% COFIDE % -0.% -0.0% -0.01% COFIDE % 0.11% -0.0% -0.01% COFIDE % -0.10% -0.% -1.% COFIDE % -1.9% -.% -.% MIVIVI % 0.1% -0.% -0.% MIVIVI % 0.1% -0.% -1.% Peru Gov USD Price PERU % 0.19% 0.1% -0.0% PERU % 0.0% 1.% -0.0% PERU % -0.19% 0.% -0.9% PERU % -0.1% 1.1% -0.% PERU % -0.% 1.1% -0.1% Financials Basic Materials Others Quasi-Gov Financials % Weekly Total Return.0%.0%.0%.0% 0.0% -.0% -.0% -.0% -.0% -10.0% % 0.% 0.1% 0.0% -0.1% -0.% -0.% Weekly Total Return PERU.1 19 PERU. PERU. PERU. PERU. 0 Source: Reuters; Bloomberg, calculated by Ad Cap Colombia.

8 PERUGB 1 PERUGB 0 PERUGB PERUGB PERUGB PERUGB 1 PERUGB PERUGB PERUGB 0 de Marzo de 01 PERU Indicative prices Peru Gov PEN Price PERUGB % -0.0% -0.1% -0.% PERUGB % 0.% 0.1% 0.0% PERUGB % 0.% 0.10% -0.1% PERUGB % 0.0% -0.% -0.0% PERUGB % 0.% -0.% 0.0% PERUGB % 0.% 0.9% 0.% PERUGB % 1.% 0.0% -0.9% PERUGB % 0.9% -1.0% -.% PERUGB % 1.1% -0.9% -.% Corporate Industry Issuer Price YTW Mdur Var Z-Spd (bps) Spd Coupon Maturity Rating Z-Spd Issue Date Rank Amount (USD MM) CPACPE. Industrial CEMENTOS PACASMAYO SAA FIXED //01 //0 AT MATURITY Sr Unsecured $ 00,000,000 BBB- BB+ UNACEM. 1 Industrial UNION ANDINA DE CEMENTOS FIXED 10/1/01 10/0/01CALLABLE Sr Unsecured $,000,000 Ba BB+ AJECBV. Consumer, Non-cyc AJECORP BV FIXED /1/01 /1/0 CALLABLE Sr Unsecured $ 0,000,000 BB BB- MAESPE. 19 Consumer, Cyclical MAESTRO PERU SA FIXED 9//01 9//019 CALLABLE Sr Unsecured $ 00,000,000 Ba B /*+ ISCORP. 1 Utilities INKIA ENERGY LTD FIXED //011 //01 CALLABLE Sr Unsecured $ 0,000,000 Ba BB BB TGPERU. Utilities TRANSPORT DE GAS PERU FIXED /0/01 /0/0 SINKABLE Sr Unsecured $ 0,000,000 Baa1 TRANSM. Utilities TRANSMANTARO FIXED //01 //0 AT MATURITY Sr Unsecured $ 0,000,000 Baa BBB- BCOCPE. 1 Financial BBVA BANCO CONTINENTAL FIXED 1/9/01 /9/01 AT MATURITY Sr Unsecured $ 00,000,000 BCOCPE. 1 Financial CONTINENTAL SR TRUST FIXED 1/1/01 1/1/01 AT MATURITY Sr Unsecured $ 00,000,000 BCOCPE. 1 Financial BBVA BANCO CONTINENTAL FIXED //01 //01 AT MATURITY Sr Unsecured $ 00,000,000 BCOCPE. 0 Financial BANCO CONT(CONT SR TRST) FIXED 11/1/010 11/1/00AT MATURITY Sr Unsecured $ 0,000,000 BCOCPE Financial BBVA BANCO CONTINENTAL FIXED /9/01 //0 AT MATURITY Sr Unsecured $ 00,000,000 BCOCPE. 9 Financial BBVA BANCO CONTINENTAL VARIABL9//01 9//09 CALLABLE Subordinated $ 00,000,000 BBB+ BBB BCP. 1 Financial BANCO DE CREDITO DEL PER FIXED /1/011 /1/01 AT MATURITY Sr Unsecured $ 10,,000 Baa1 BCP. 1 Financial BANCO DE CREDITO DEL PER FIXED /9/01 1/9/01 AT MATURITY Sr Unsecured $ 0,1,000 A- BCP. 0 Financial BANCO DE CREDITO DEL PER FIXED 9/1/010 9/1/00 AT MATURITY Sr Unsecured $ 00,000,000 Baa1 BCP. Financial BANCO DE CREDITO DEL PER FIXED /1/01 /1/0 AT MATURITY Sr Unsecured $ 1,01,000 Baa1 BCP. Financial BANCO DE CREDITO DEL PER VARIABL9/1/011 9/1/0 CALLABLE Subordinated $,1,9 Baa BBB+ BBB BCP.1 Financial BANCO DE CREDITO DEL PER VARIABL//01 //0 CALLABLE Subordinated $ 0,000,000 Baa BBB+ BBB BINTPE. 0 Financial BANCO INTERNAC DEL PERU FIXED 10//010 10//00 AT MATURITY Sr Unsecured $ 0,000,000 Baa BBB+ BINTPE. 9 Financial BANCO INTERNAC DEL PERU VARIABL/1/01 /19/09 CALLABLE Subordinated $ 00,000,000 Ba1 BBB BBB- BNSCN. Financial SCOTIABANK PERU SA VARIABL1/1/01 1/1/0CALLABLE Subordinated $ 00,000,000 Baa A- IFHBH. Financial INTERCORP PERU LTD FIXED /1/01 /1/0 CALLABLE Sr Unsecured $ 0,000,000 Ba BBB- BB HOCLN. 1 Basic Materials CO MINERA ARES SAC FIXED 1//01 1//01 CALLABLE Sr Unsecured $ 0,000,000 Ba BB+ MILPOC. Basic Materials COMPANIA MINERA MILPO FIXED //01 //0 AT MATURITY Sr Unsecured $ 0,000,000 BBB BBB- MINSUR. Basic Materials MINSUR SA FIXED //01 //0 AT MATURITY Sr Unsecured $ 0,000,000 Baa BBB- BBB- VOLCAN. Basic Materials VOLCAN CIA MINERA SAA-CM FIXED //01 //0 AT MATURITY Sr Unsecured $ 00,000,000 Ba1 BBB- NR COFIDE. 19 Financial CORP FINANCIERA DE DESAR FIXED /1/01 /1/019 AT MATURITY Sr Unsecured $ 00,000,000 COFIDE. Financial CORP FINANCI DE DESARROL FIXED //01 //0 AT MATURITY Sr Unsecured $ 00,000,000 COFIDE. Financial CORP FINANCIERA DE DESAR FIXED /1/01 /1/0 AT MATURITY Sr Unsecured $ 00,000,000 COFIDE. 9 Financial CORP FINANCIERA DE DESAR VARIABL/1/01 /1/09 CALLABLE Subordinated $ 00,000,000 BBB BBB MIVIVI. 19 Financial FONDO MIVIVIENDA SA FIXED //01 //019 AT MATURITY Sr Unsecured $ 00,000,000 MIVIVI. Financial FONDO MIVIVIENDA SA FIXED 1/1/01 1/1/0 AT MATURITY Sr Unsecured $ 00,000,000 Peru Gov USD Industry Issuer Price YTW Mdur Z-Spd Var Z-Spd (bps) Spd Coupon Maturity Rating Issue Date Rank Amount (USD MM) PERU.1 19 Government REPUBLIC OF PERU % FIXED /0/009 /0/019 AT MATURITY Sr Unsecured $ 91,1,000 A PERU. Government REPUBLIC OF PERU 1. 0.% FIXED /19/00 /1/0 AT MATURITY Sr Unsecured $,009,11,000 A PERU. Government REPUBLIC OF PERU 19..% FIXED 11/1/00 11/1/0AT MATURITY Sr Unsecured $,,9,000 A PERU. Government REPUBLIC OF PERU % FIXED /1/00 /1/0 SINKABLE Sr Unsecured $ 1,01,,000 A PERU. 0 Government REPUBLIC OF PERU % FIXED 11/1/010 11/1/00AT MATURITY Sr Unsecured $,,000,000 A Peru Gov COP Industry Issuer Price YTW Mdur Var Z-Spd (bps) Spd Coupon Maturity Rating Z-Spd Issue Date Rank Amount (USD MM) PERUGB. 1 Government BONOS DE TESORERIA % FIXED //00 /1/01 AT MATURITY Sr Unsecured $,,1,000 A A- A- PERUGB. 0 Government BONOS DE TESORERIA % FIXED /1/00 /1/00 AT MATURITY Sr Unsecured $,,,000 A A- A- PERUGB. Government BONOS DE TESORERIA % FIXED //01 9/1/0 AT MATURITY Sr Unsecured $,1,,000 PERUGB. Government BONOS DE TESORERIA % FIXED 11//01 /1/0 AT MATURITY Sr Unsecured $,1,,000 A A- PERUGB. Government BONOS DE TESORERIA % FIXED //00 /1/0 AT MATURITY Sr Unsecured $,9,,000 A A- A- PERUGB.9 1 Government BONOS DE TESORERIA 9.9.9% FIXED //00 /1/01 AT MATURITY Sr Unsecured $,90,1,000 A A- PERUGB.9 Government BONOS DE TESORERIA 90..9% FIXED //00 /1/0 AT MATURITY Sr Unsecured $,0,000,000 A A- PERUGB. Government BONOS DE TESORERIA. 0.9% FIXED 1//010 /1/0 AT MATURITY Sr Unsecured $,00,,000 A A- PERUGB.1 Government BONOS DE TESORERIA. 0.9% FIXED /9/01 /1/0 AT MATURITY Sr Unsecured $,9,000 Source: Bloomberg, Calculated by Ad Cap Colombia.

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