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Peru will auction a total of 70 million soles ($20.5 million) in sovereign domestic bonds next week to promote local capital markets and raise cash to plug the fiscal deficit, the government said on Friday.
The Economy Ministry gave the following details of the auctions: On Monday, Aug. 9, it will conduct two auctions simultaneously, one for seven-year paper due on Aug. 10, 2011 and the other for four-year paper due July 9, 2008. It will auction 20 million soles of each.
On Tuesday, August 10, it will issue a 30-month bond due on Feb. 11, 2007 for 30 million soles. The seven-year bond has a nominal annual fixed coupon rate, based on a 360-day year, which has yet to be specified.
The four-year bond has a 9.47 percent nominal annual fixed coupon rate, based on a 360-day year, and a six-monthly coupon of 47.35 soles per bond. Peru has authorised the issue this year of bonds worth up to 1.95 billion soles ($560 million), after placing 1.7 billion soles in paper last year. So far this year it has sold 1.014 billion soles in domestic bonds.

Copyright Reuters, 2004

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