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Peru has swapped $261.8 million in domestic sovereign bonds that were close to maturity for new 10-year paper as part of plans to spread out its debt repayments, the Economy Ministry said on Friday. The new bonds have a 9.91 percent coupon based on a 360-day year. The ministry said 92.5 percent of the bonds mature on May 5, 2015. The rest mature on March 10, 2010. The retired bonds were due to expire on November 30 this year and paid interest of 2 percent over Libor. The swap, which took place on Thursday, was the third of its kind since mid-2004 and this first in 2005. It was the first 10-year swap in Peruvian soles.
The government has authorised the Economy Ministry to swap up to $389 million in domestic bonds close to maturity this year to extend its debt obligations and avoid a pile up in payments.
"One of the main benefits of this transaction was to relieve domestic debt service payments reducing the pressure on state coffers in the short term," the ministry said in a statement.
Peru's leading bank, Banco de Credito, managed the transaction, the ministry said.

Copyright Reuters, 2005

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