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2w ago

Peru Authorizes US$287 Million Sovereign Bonds to Refinance Petroperú Obligations

The operation transfers debt service to the Treasury to honor state‑backed letters of credit intended to prevent fuel supply disruptions.

Petroperú: gobierno defiende rescate financiero y asegura que petrolera estatal se recuperará
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Los grifos de Petro-Perú son considerados los más baratos. El grifo Smile, con bandera de la estatal, es el más económico de Lima y el que más gasolinas vende también (Foto: Petro-Perú).

Overview

  • Resolution RM Nº 447-2025-EF/52 approves an internal bond issue of up to US$287,336,211, with placements set for September 26 and October 1 to cover letters of credit maturing between August 28 and September 25, 2025.
  • The bonds carry a 5.40% coupon, mature on August 12, 2034, have a nominal value of S/1,000, and will be placed via private offer exclusively to Banco de la Nación with issuance and payment handled through CAVALI S.A. ICLV.
  • The Ministry of Economy and Finance will pay amortization, interest and issuance costs from the public-debt budget, implementing the state guarantee established in DU 023-2022 under the 2025 Public Debt Law.
  • Analysts and former Petroperú executives describe the measure as a partial, short-term rescue and warn further interventions are likely without structural reforms and asset sales.
  • Recent reporting highlights Petroperú’s financial strain, including a 2024 loss of about US$774 million, a projected 2025 loss near US$223 million, and estimates of state support reaching S/33,158 million between 2022 and 2025.