• May 03, 2019
  • by Enrique Barrios

On 22 April 2019, Itacamba Cemento S.A. issued two series of bonds through the Bolivian Stock Exchange, for a combined amount of 661,200,000 Bolivianos (equivalent to 95 Million Dollars). The bonds issued are part of the "Itacamba Cemento" bods program, for up to 150 Million Dollars.

The capital markets in Bolivia are dominated by the presence of the Pension Fund Administrators (“AFPs”), as main investors. The market is facing increasing complexities, due to the migration of the attributions of the AFPs to a unique Public Fund Manager, which will be regulated by new conditions and regulations. Despite these complexities, the successful placement of the bonds demonstrated the confidence of the market (and in particular, of the institutional investors) in the development and growth of Itacamba in Bolivia.

The team of Guevara & Gutiérrez, conformed by Enrique Barrios (partner) and José Bernal and Jairo Guitera (senior associates), advised Itacamba in the structuration of the bonds, in coordination with the legal management of Itacamba, leaded by Bernardo Eid Asbun. The chosen broker’s agency was BISA S.A. Agencia de Bolsa.

We thank Itacamba for placing its trust in the experience of our Firm, and for allowing us to accompany you in this successful issuance of bonds.

Guevara & Gutiérrez S.C.

Enrique Barrios

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