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Peru: Morning News Headlines – July 23

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New soccer coach for Peru’s National Team

(LIP-ir) — President of Peru’s World Cup Commission, Juvenal Silva, stated that he would travel to Chile today to personally speak with Chile’s Católica University coach, José Guillermo "Chemo" del Solar. "I’m traveling Monday night to close the deal, I think we can convince him during the conversation we have scheduled for Tuesday," stated Silva. He also added that their was a 90 percent chance that del Solar would be the next coach. It was also informed that Peru’s next coach would receive the same pay former coach Uribe received, $36 thousand per month.

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World Cup Commission Fires Uribe (by LIP, Jul 20, 2007)
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Peru’s appeal after Chilean Judge’s decision on Fujimori case

According to "El Mercurio" newspaper in Chile, the appeal to Chilean Judge Orlando Alvarez’s decision to not extradite Peru’s former President Alberto Fujimori, has been received by Chile’s Supreme Court. Peru’s government confirmed it would make the appeal July 12 of this year. It has been reported that the case may take up to 3 months and the former president will remain under house arrest during this time.

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Fujimori’s Daughter Speaks on Extradition (by LIP, Jul 16, 2007)
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200 marijuana plants found in La Victoria

As two gardeners were were watering the plants in flower beds that divide San Luis Avenue in La Victoria, they came across a hand grenade. After having called police and given them the dangerous explosive, they continued working and later found marijuana plants growing in the flower beds. Police officers were informed and removed 200 marijuana plants from the flower beds in front of San Norberto School. Police officials have assured that an investigation will begin to find the people responsible for the crime.

Peru Clinches $1.5bn in PEN Bond

Peru priced a benchmark 30-year PEN-denominated bond last week, raising well over the $1bn minimum it had established on the roadshow. The sovereign priced PEN4.750bn ($1.5bn) in 2037 bonds at par to yield 6.90%. Proceeds will pay down Paris Club debt, the members of which agreed to receive prepayments for $1.754bn worth earlier this month. The Peruvian government has approved a sale of up to $2.58bn worth bonds for Paris Club debt, indicating the possibility of further issuance down the road. Citi led the offer. (Latin Finance)

Goldman Bullish on 30-Year Bond Sale

Goldman Sachs issued a bullish note on the Peru sovereign 30-year in PEN. "The sale of a 30-year bond in soles at a fixed rate and no inflation adjustment is a remarkable achievement for Peru, because it reflects strong confidence by the market in the country’s economic policies and long-term economic prospects," says Goldman. "This is a reward for the adoption and maintenance of sound and prudent economic policies for a number of years." Paying down some Paris Club debt will "improve Peru’s public debt profile in a meaningful way," it adds. "The significant improvements in the public debt profile and credit ratios place Peru yet another step closer to earning investment grade credit status, which we believe could materialize during 2H2008 or 2009," says Goldman. (Latin Finance)

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