The past year has not been easy for Corporación Andino Formento (CAF), the Andean Development Bank. Troubles in Venezuela, where the agency is based, have meant that investors have started charging a premium for its paper, and the Andean region in general has suffered from both Venezuelan instability and civil war in Colombia.
But one bright spot in CAF’s year has been its borrowing programme. The bank has issued no fewer than eight different bonds in three different currencies over the past 12 months, making it Latin America’s most prolific borrower.
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