El Salvador

Best debt house - CSFB

There are two main banks in El Salvador – Banco Cuscatlán and Banco Agrícola. Of the two, Agrícola is the larger, but is also duller. Its return on equity is lower, and it has shown little desire to grow. Safety is no bad thing in Latin America, of course, but Banco Cuscatlán wins the best bank award this year because of its ability to expand throughout central America, which itself helps to diversify risks.

As for bond issues, El Salvador last year hit upon the innovative idea of mandating four different bond issues at once, rather than awarding them one by one on an ad-hoc basis.

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