Project bonds try to find footing

Project bonds try to find footing

Project & Infrastructure Finance Argentina Brazil Colombia Mexico Peru Bonds Corporate & Sovereign Strategy Special Reports

When the Pacífico 3 toll road concession in Colombia reached financial close in February 2016, it included two long-term bond issues, one in dollars and the other in pesos. That the first project to close in the 4G program featured project bonds was remarkable. That the bonds included construction risk was doubly so. Another bond-backed 4G deal closed four months later. Yet those two deals, with Goldman Sachs as the bookrunner, remain outliers. Colombia is a relative newcomer to project finance, but more mature markets have shown little enthusiasm for greenfield project bonds. No Chilean project bonds were sold last year, for example, and only one has come to market this year — for a largely

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial