Sánchez ushers in reform at Cabei
Internal and external reforms are under way as the new president signals a break with the previous administration.
Gisela Sánchez is the new president and the first woman to lead the Central American Bank for Economic Integration (Cabei).
Speaking exclusively to Euromoney in January after having assumed the presidency of the central American development bank in December, Sánchez says that she is working on a five-year plan to radically overhaul Cabei’s internal operations, as well as refocusing the bank’s external financing strategy.
Sánchez adds that its $1.35 billion bond transaction has pre-funded its 2024 debt obligations in a single transaction.
“The huge oversubscription – we had an orderbook of $5.2 billion – meant that we upsized the deal and closed it at $1.35 billion, which is our biggest ever transaction,” she says. “The deal still priced in line with expectations in terms of after-swap costs, despite pushing on size.”
Sánchez says the three-year transaction reaffirms the bank’s status as a leading SSA (sovereign, supranational and agency), with more than 150 accounts from 38 countries participating.
However, despite strong demand for the deal, Sánchez is keen to bring sweeping reforms to Cabei. She does little to play down the allegations of wasteful expenditures that dogged the previous administration of Dante Mossi.