The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Latin America: Peña presses on as Paraguay outperforms

Five years of strong economic growth have seen Paraguay decouple from its larger, troubled neighbours. International investors have taken note. Finance minister Santiago Peña is not resting on his laurels – bond deals, PPP initiatives and pro-business policies are all in the pipeline.

Santiago Pena sign-600
Paraguay’s finance minister Santiago Peña

This year Paraguay is marking the 100th anniversary of the birth of one of its most famous writers, Augusto Roa Bastos, who once described his landlocked country as: “An island surrounded by land”. The small Latin American country, with a population below 7 million, has long been overshadowed by its large neighbours of Argentina and Brazil. 

Paraguay’s finance minister Santiago Peña remembers attending a lecture on Latin America by economist Jeffrey Sachs as a post-graduate at Columbia University. He says Sachs’s lecture covered all of the Latin American countries before closing with the briefest remarks about Paraguay: “About which he said he wouldn’t give any details because he simply didn’t know any. So you can either get upset about that or you can try to reverse this”.

The country has been attempting the latter. It re-entered the international markets in 2013 with a $500 million 10-year bond and has been a regular issuer since (including a $1 billion 30-year benchmark in August 2014).

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree