Bolivia: BAML and Goldman win Bolivian mandate

Bolivia has mandated Bank of America Merrill Lynch and Goldman Sachs as it bids to issue its first international bond in nearly 100 years.

The small Latin American country is hoping that its strong growth and a demonstrable approach to orthodox economic management since 2006 will enable it to attract some of the large fixed-income flows into the region.

The bankers will be hoping the attractiveness of the region will extend down the credit spectrum to the sovereign, which is rated single-B plus by Standard & Poor’s and Fitch, and B1 by Moody’s.

Two agencies have Bolivia on a positive outlook because of the potential for growth from large investment and infrastructure investments that have been announced recently. But bankers who are not involved in the deal question whether it comes too soon in the country’s economic revival to tempt investors at a yield that makes sense for the country.

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