1

Informe Diario de Cierre

Andean Region Fixed Income Weekly July 05th 2016

What’s inside

Colombia update: June’s CPI print higher than expected….……………………………...…….……………….......P. 2

Peru update: macro fundamentals and market sentiment propelling prices…………….…………….........P. 2

Trade Idea: Overweight GRUPOS ‘21 Vs. Underweight DAVIVI ‘22.....………...……………...……..…..….......P. 3

Investors’ Note: Andean Countries Still Struggling to Replace Commodities Based Exports.....….......P. 3

Andean corporate news…………………………………………………………………..………………………….…………..… P. 5

What-to watch: Economic and Corporate calendar next week…………………………………………….……….. P. 5

Indicative prices……………………………………………………………………………………………………………..…..…… P.P 6-9

Local View: Colombia

June’s inflation higher than expected: 0.48 m/m Observed VS 0.28% Expected.

This Friday, Monetary Policy minutes (June) to be released.

Local View: Peru

Annual inflation maintained downward trend in June.

Macro fundamentals and positive market sentiment still supporting sovereign bonds.

Trade Idea: Overweight GRUPOS ‘21 Vs. Underweight DAVIVI ‘22

Spread between GRUPOS ‘21 Vs. DAVIVI ‘22 has decreased since July 1st mainly due to a fall on DAVIVI

‘22 yield. However, we consider that the spread will be widening in the upcoming days. With an entry

spread of 96 bps, we aim at a target of 125 bps.

Investors’ Note: Andean Countries Still Struggling to Replace Commodities Based Exports

In Colombia, oil related exports have suffered an important reduction between January and May vs.

2015, while non-traditional sectors have also underperformed. The country is still highly dependent on

oil and current upward trend would be beneficial to fiscal balance.

In Peru, traditional exports grew 2% in Jan-April YoY, buoyed by mining exports. On the other hand, non-

traditional exports have fell 7.4% in Jan-April YoY, with dollar values reductions across the board. To this

extent, exports will remain highly dependent on the mining industry in 2016.

Andean Region — Fixed Income

2

06 de Marzo de 2015

Informe Diario de Cierre

LOCAL VIEW: COLOMBIA

June’s inflation higher than expected: 0.48 m/m (Obs) VS 0.28% (Exp). Recreation, health and

food, the sectors that deviated monthly CPI. Yearly figure is now at 8.60%, highest level since

2000. We believe that an ongoing trucker’s national protest could actually affect July’s print.

COP went briefly above the 2900 mark and closing at 2916 on Thursday, gaining more than 2%

in the day and 4% since Brexit. On the other hand, Coltes performed well, long end tightening up

to 40bps in some tenors, and now every local bond is trading below BanRep’s overnight rate for

the first time in local history. Meanwhile, offshore accounts kept hunting for yield and kept push-

ing yields tighter.

JPM overweight recommendation on local bonds (TES), citing end of tightening cycle by BanRep,

better political backdrop and investor positioning that seems light.

LOCAL VIEW: PERU

Last Thursday, CPI data was released with positive outcome. Monthly inflation for Jun-16 printed

0.14%, near our 0.15% forecast and lower than the 0.31% printed on June last year. This main-

tains the downward trend of inflation and leaves annual inflation on 3.34%YoY.

Global markets are in a risk off mood as there are still concerns around the Brexit effects. Low

beta are the most demanded securities. As a consequence, demand for sovereigns, quasi-

sovereigns and financials is strong and LATAM markets are still demanded as investors are

searching for higher returns. The quite low probability of extra FED hikes this year and the latest

cut of BoE’s key rate reinforces the environment of low yields around the globe.

The USD sovereign curve has shown further yield contraction, especially in the mid and long end,

as investors are now betting long duration due to the null possibilities of major hikes in USD rates.

The PEN sovereign curve shows the same pattern, supported by the strengthening of PEN and CPI

numbers, with risk appetite towards local bonds boosting demand.

Even with current valuations, as macro fundamentals may keep improving into 2S16, the long end

may receive additional demand in the following weeks -with no clear downside risk triggering in the

very short term.

Andean Region — Fixed Income

June´s M/M higher than

expected.

Coltes trading below

BanRep´s overnight rate

JP Morgan OW Colombi-

an Bonds

CPI maintains down-

ward trend

High demand in local

market as investors

search higher returns

Long end may be-

come more attractive

in near future

3

06 de Marzo de 2015

Informe Diario de Cierre

ANDEAN COUNTRIES STILL STRUGGLING TO REPLACE COMMODITIES BASED EXPORTS

A structural price reduction in some goods might encourage some changes: Saudi Arabia has been trying to depend less on

oil and China is focusing on internal demand. During the last months, oil prices have been displaying what could be consid-

ered as a structural reduction and, therefore, it might be expected that some commodity-dependent countries vary their ex-

ports portfolio. Our purpose is to determine whether Andean countries have been replacing traditional exports with products

less dependent on market volatility.

In Colombia, exports have suffered an important reduction between Jan-May 2016 and the same period in 2015. Currently,

exports are 30% less (in value) than what was observed in 2015, a drop explained mainly by a poor performance in oil sector.

In fact, oil related exports plunged 48%, leaving a gap of $3.3Bn. Unfortunately, non-traditional sectors haven’t been able to

balance the equation: agricultural and industrial manufacturing products are also underperforming, depicting a reduction of

two percentage digits. Some specific sectors are performing well, but still their importance in total exports is marginal. Today,

oil related exports weight more than 30% and those based on commodities account for 45%. In a nutshell, Colombia is still

highly dependent on oil and current upward trend would be beneficial to fiscal balance.

In Peru, no such plunge in value terms have been suffered by traditional exports in 2016, which grew 2% in Jan-April YoY. Out

of traditional exports, mining products account for over 85%, and they have grown 4% in the abovementioned period, buoyed

by copper exports. Metal prices are still in a low point in its current supercycle, and they may not recover in the medium term

to peak levels recorded a few years ago; however, recent projects would keep propelling volumes and thus supporting export-

ed dollar values. On the other hand, non-traditional exports have fell 7.4% in Jan-April YoY, with dollar values reductions

across the board. To this extent, exports will remain highly dependent on the mining industry in 2016.

TRADE IDEA

Overweight GRUPOS ‘21 Vs. Underweight DAVIVI ‘22

Spread between GRUPOS ‘21 Vs. DAVIVI ‘22 has decreased since

July 1st mainly explained by a fall on DAVIVI 22 yield. However, we

consider that the spread will be widening in the upcoming days.

Entry/Current Spread: 96 bps.

Target Spread: 125 bps.

If spread tightens beyond 86 bps, we recommend to close the

trade.

More about:

DAVIVI 5 01/23/21 Corp Bloomberg: EJ2632762 <Corp>

GRUPOS 5.7 05/18/21 Corp Bloomberg: EI6754374 <Corp>

Ideas tracking record

We recommend closing, OW BANBOG ‘17 Vs. UW DAVIVI ‘18, to cash in

41 bps.

Source: Bloomberg, Calculated by AdCap Colombia and Peru

06 de Marzo de 2015

Informe Diario de Cierre

Andean Region — Fixed Income

4

4.5

5

5.5

6

6.5

7

7.5

Oct-

15

Oct-

15

No

v-1

5

No

v-1

5

De

c-1

5

De

c-1

5

De

c-1

5

Jan

-16

Jan

-16

Fe

b-1

6

Fe

b-1

6

Ma

r-1

6

Ma

r-1

6

Ap

r-1

6

Ap

r-1

6

Ma

y-1

6

Ma

y-1

6

Jun

-16

Jun

-16

Jun

-16

Yie

ld t

o M

atu

rity

(%

)

DAVIVI 22 GRUPOS 21

Low: 67,02

High: 220

Ave: 124,4

60

80

100

120

140

160

180

200

220

240

Jul-1

5

Jul-1

5

Au

g-1

5

Au

g-1

5

Se

p-1

5

Se

p-1

5

Se

p-1

5

Oct-

15

Oct-

15

No

v-1

5

No

v-1

5

De

c-1

5

De

c-1

5

Jan

-16

Jan

-16

Fe

b-1

6

Fe

b-1

6

Ma

r-1

6

Ma

r-1

6

Ma

r-1

6

Ap

r-1

6

Ap

r-1

6

Ma

y-1

6

Ma

y-1

6

Jun

-16

Jun

-16

Jul-1

6

Ba

sis

Po

ints

Average 1 year

4

06 de Marzo de 2015

Informe Diario de Cierre

IDEAS TRACKING RECORD

06 de Marzo de 2015

Informe Diario de Cierre

Andean Region — Fixed Income

Opening Date TradeLast Trade Idea

Entry Spread

Avg. Spread/

Target

Current

Spread

Closed

atDif f

21-Jun-16 OW BCOCPE '20 Vs UW BCP '20 44 22 55 -11

14-Jun-16 OW MILPOC '23 Vs UW HOCLN '21 74 238 150

7-Jun-16 OW COFIDE '29 Vs UW COFIDE '22 173 144 140 33

7-Jun-16 OW BANBOG '23 Vs UW COLOM '23 189 150 202

31-May-16 OW VOLCAN '22 Vs UW HOCLN '21 164 120 32 132

31-May-16 OW AVAL '22 Vs UW GRUPOS '21 156 133 109 47

24-May-16 OW COLOM '24 Vs UW COLOM '21 61 48 58

24-May-16 OW UNACEM '21 Vs UW CPACPE '23 138 75 76 62

17-May-16 OW BANBOG '23 Vs UW COLOM '23 212 171 171 41

17-May-16 OW BANBOG '17 Vs UW DAVIVI '18 9 48 50 41

10-May-16 OW DAVIVI '22 Vs UW DAVIVI '18 340 283 278 62

3-May-16 OW IFBHB '25 Vs UW Mivivi '23 227 200 192 35

26-Apr-16 OW BanBog '17 Vs UW Davivi '18 44 83 25 -19

12-Apr-16 OW Ecopet '23 Vs UW Ecopet '18 295 270 310 -15

12-Apr-16 OW PERU '37 Vs UW PERU '19 270 245 266 4

5-Apr-16 OW COLOM '37 Vs UW PERU '37 111 95 119 -8

29-Mar-16 OW Peru '33 Vs UW Peru '25 136 106 133 3

22-Mar-16 OW Aval '22 Vs Bcolom '22 98 65 64 34

22-Mar-16 OW ECOPET '25 Vs UW ECOPET '18 301 265 265 36

22-Mar-16 OW IFHBH '25 Vs UW PERU '25 306 238 316 -10

15-Mar-16 OW DAVIVI '22 Vs UW BCOLO '22 80 45 23 57

8-Mar-16 OW COLOM '33 Vs UW COLOM '24 250 182 240 10

8-Mar-16 OW BCOCPE '20 Vs UW COFIDE '19 85 65 70 15

1-Mar-16 OW AVAL '22 Vs UW AVAL '17 360 250 345 15

24-Feb-16 OW BCP '26 Vs UW BCP '27 4 12 0 -4

24-Feb-16 OW CORJRL '21 Vs UW CORJLR '23 2 15 13 11

16-Feb-16 OW INKENE '21 Vs UW TRANSM '23 471 441 356 115

16-Feb-16 OW Ecopetrol '43 Vs UW Ecopetrol '45 87 60 58 29

9-Feb-16 OW Colom '37 Vs UW Colom '24 155 127 142 13

2-Feb-16 OW Davivi '18 Vs UW Banbog '17 153 66 168 -15

26-Jan-16 OW AVAL '22 Vs UW Colom '21 202 170 218 -16

19-Jan-16 OW MIVIVI '23 Vs UW BCP '23 28 3 39 -11

12-Jan-16 OW BCOCPE 5 '22 Vs UW BCOCPE 5.5 '20 81 46 98 -17

22-Dec-15 OW Colom '24 Vs UW Suamsa '24 -89 28 -46 43

15-Dec-15 OW GNBSUD '18 Vs UW GNBSUD '22 139 200 199 60

15-Dec-15 OW Colom '24 Vs UW Davivi '22 103 173 141 38

8-Dec-15 OW Banbog'17 Vs UW BColom '17 -52 82 6 58

1-Dec-15 OW Ecopet '23 Vs UW Ecopet '18 273 234 213 60

24-Nov-15 OW Davivienda '18 Vs UW Aval '17 120 38 37 83

24-Nov-15 OW Volcan '22 Vs UW Hochschild '21 44 100 12 -32

17-Nov-15 UW Davivienda '22 Vs OW Davivienda '18 138 243 246 108

10-Nov-15 OW BCOCPE '18 Vs UW BCOCPE '20 56 70 15 -41

3-Nov-10 OW Colom '19 Vs UW Mex '19 79 44 105 -26

27-Oct-15 OW Colom '23 Vs UW ECOPETROL '23 172 233 201 29

20-Oct-10 OW BanBog '23 Vs UW BanBog '17 375 268 311 64

13-Oct-15 OW Colom May '24 Vs UW Colom '23 62 38 50 12

6-Oct-15 OW Mivivienda '19 Vs UW Peru '19 97 80 87 10

29-Sep-15 OW AvalC '17 Vs UW BanBog '17 116 52 74 42

22-Sep-15 OW Ecopetrol '25 Vs UW Colom 8.125 '24 135 83 97 38

15-Sep-15 OW Davivienda '22 Vs UW Colom 5.625 '23 245 190 217 28

8-Sep-15 OW Peru '37 Vs UW Peru '19 141 117 167 -26

25-Aug-15 OW TES '24 Vs UW Mbono '24 160 106 172 -12

18-Aug-15 OW Colom '37 Vs UW Colom '17 424 375 475 -51

5

06 de Marzo de 2015

Informe Diario de Cierre

06 de Marzo de 2015

Informe Diario de Cierre

This report is delivered for information only and does not constitute an offer or sale of securities nor shall it be construed or interpreted by any person as a solicitation to effect, or

attempt to effect transactions in securities. Further, this report does not make any representation or warranty, express or implied, as to the advisability of investing in any securities.

None of the entities or individuals named herein will be liable to any person for any reliance on this report when making or omitting to make any investment decision, or when taking or

omitting to take any action which has legal consequences.

CORPORATE NEWS LAST WEEK

(EEB): Its subsidiary in Guatemala TRECSA signed a credit agreement with Citibank Europe for US$ 87MM which will

allow more than 30 power plants to be connected to the new energy transport system. 4 of the 12 projects where

EEB invests are hampered by lack of environmental permits and could cause overruns of about 20% of the value of

each one of them.

(ECOPETROL): The firm ended the Tauramena Association Agreement and now directly operate Campo Cusiana,

Casanare, which has reserves of 125 million barrels and a production of 8,000 barrels of oil and 200 million cubic

feet of gas per day. Likewise with Campo Rubiales it is expected that production will see a 45% increase in gross

income, additionally the company will have to invest more than US $ 1,000 million in the coming years.

(AVIANCA) UBS decided to lower the target price of Avianca Holdings ADR (NY: AVH US), from USD 5.30 to USD 4.0,

which meant a change in the recommendation from "Neutral / Hold" to "Sell" .The action in the local market (BVC:

PFAVH CB) closed on Friday at COP 2,235 / share, down 0.22% from Thursday's close. Meanwhile, the ADR (NY: AVH

US) closed Friday at USD 6.11, which represented a fall of 0.81% compared to the previous day's close.

(BANK OF BOGOTÁ AND AVAL) Moody's confirmed ratings on Bank of Bogotá and Grupo Aval. For Bank of Bogotá

their credit risk evaluation based independently on Ba1 meanwhile Grupo Aval is Baa3 rating. As for the new rating

methodology it will incorporate changes in banking regulation, so as to be more accurate in the evaluation process.

BUENAVENTURA: the mining company, in line with its strategy to preserve liquidity, has subscribed a syndicated loan

with seven banks for USD 275 million (USD 245 million to be used for repayment of short term debts). Also, S&P cut

its credit rating from BBB to BBB– (negative outlook), due to lower dividends and cost structure risks.

COAZUCAR: S&P maintained its BB- rating on the long term debt of this agricultural company, subsidiary of Grupo

Gloria (one of the largest business groups in Peru). Also, they gave a positive outlook for the next 2 years due to

higher sugar prices and expected larger production once the Olmos project is completed in 2017.

PETROPERU: last Thursday, the CEO of the state oil company, German Velasquez, resigned due to a new oil spill in

Oleoducto Nor Peruano. A member of the board will work as interim CEO until a new CEO is appointed. In a related

news, PPK, newly elected president of Peru, said that the state oil company will not be privatized.

WHAT-TO-WATCH. ECONOMIC AND CORPORATE CALENDAR

Andean Region — Fixed Income

Date Country US Eastern Time Event Period Expected Previous

July 5, 2016 COL 14:00 PPI JUN 0.59%

COL 14:00 PPI TOT JUN 1.28%

COL 19:00 CPI y/y JUN 8.36% 8.20%

COL 19:00 CPI m/m JUN 0.25% 0.51%

COL 19:00 CPI core y/y JUN 6.07%

COL 19:00 CPI m/m JUN 0.53%

July 8, 2016 COL 13:00 Monetary Policy Minutes

PER Exports and Imports (INEI) MAY

July 15, 2016 COL 15:00 Retail Sales MAY 5.80% 5.40%

COL 15:00 Industrial production MAY 8.80% 8.40%

PER GDP YoY MAY 2.50%

PER Unemployment rate MAY 7.10%

6

06 de Marzo de 2015

Informe Diario de Cierre

COLOMBIA—Indicative prices

Source: Reuters; Bloomberg, calculated by Ad Cap Colombia.

06 de Marzo de 2015

Informe Diario de Cierre

CO

LOM

44

CO

LOM

41

CO

LOM

37

CO

LOM

33

CO

LOM

28

CO

LOM

27

CO

LOM

4 2

4C

OLO

M 2

3

CO

LOM

8.1

25

24

CO

LOM

21

CO

LOM

20

CO

LOM

19

CO

LOM

17

CO

LOM

8.6

6 1

6

0

1

2

3

4

5

6

7

8

0 5 10 15

Yie

ld t

o M

atu

rity

(%

)

Duration

PriceDaily Week ly 3M YDT

AVALCB 5.25 17 101.8 0.20% 0.19% 0.20% -0.10%

AVALCB 4.75 22 98.9 2.49% 0.41% 3.72% 5.00%

BANBOG 5 17 101.3 0.00% 0.00% 0.00% -0.10%

BANBOG 5.375 23 101.8 0.00% -0.63% 3.74% 4.63%

BCOLO 6.875 17 104.1 0.00% 1.08% -0.23% -0.37%

BCOLO 6.125 20 108.3 0.50% 4.37% 2.45% 5.70%

BCOLO 5.95 21 110.2 0.20% 1.04% 2.39% 7.01%

BCOLO 5.125 22 103.1 -0.21% 1.41% 4.34% 6.79%

DAVIVI 2.95 18 100.8 0.31% 0.56% 0.61% 1.32%

DAVIVI 5.875 22 104.5 0.25% 0.78% 3.68% 3.53%

GNBSUD 3.875 18 99.88 -0.12% 0.68% -0.34% 2.49%

GNBSUD 7.5 22 102.5 0.00% 0.37% 0.49% 1.49%

GRUPOS 5.7 21 107.9 -0.23% 0.52% 1.90% 2.95%

SUAMSA 4.875 24 104.5 0.00% 1.95% 2.40% 2.45%

BANGAN 4.875 25 101.5 0.50% 1.86% 2.53% 6.01%

ECOPET 4.25 18 104.5 -0.76% 0.98% 1.33% 3.77%

ECOPET 7.625 19 115.3 0.19% 0.44% 2.54% 6.22%

ECOPET 5.875 23 105.4 0.74% 1.79% 5.40% 12.51%

ECOPET 4.125 25 93.45 0.86% 3.98% 5.59% 16.45%

ECOPET 5.375 26 99.75 0.00% 1.53% 2.91% 14.66%

ECOPET 7.375 43 105 0.54% 5.75% 7.10% 24.69%

ECOPET 5.875 45 89.75 0.84% 6.21% 6.30% 25.09%

OCENSA 4 21 98 0.51% 0.51% 2.08% 1.03%

PRECN 5.375 19 18.5 5.71% 0.54% 5.71% -17.78%

PRECN 7.25 21 18.63 0.00% 3.47% 15.68% 3.47%

PRECN 5.125 23 17.75 0.00% -5.33% 7.58% -4.05%

PRECN 5.625 25 18.63 0.00% 14.62% 12.03% -8.25%

EEBCB 6.125 21 104.9 0.00% 0.50% 0.74% 2.84%

EEBCB 5.7 22 104.4 0.00% -0.10% 1.12% 3.37%

EEPPME 7.625 19 115 0.00% -0.54% 0.88% 2.27%

TELEFO 5.375 22 94.75 -0.13% 1.07% -2.07% 1.34%

TELEFO 8.5 49 90.25 2.66% 4.18% 1.12% 4.34%

PFAVHC 8.375 20 81 0.00% -2.41% -7.95% 24.14%

Price Chg (%)Corporate

Daily Week ly 3M YDT

COLOM 5 45 106.3 0.34% 5.46% 10.70% 26.48%

COLOM 5.625 44 113.4 0.48% 4.97% 10.47% 23.88%

COLOM 6.125 41 118.5 0.51% 4.66% 9.47% 21.79%

COLOM 7.375 37 132.7 0.38% 4.13% 8.14% 19.85%

COLOM 10.375 33 157.3 0.32% 3.35% 6.48% 12.99%

COLOM 11.85 28 178.1 0.25% 2.51% 4.49% 10.44%

COLOM 8.375 27 128.6 0.00% 1.08% 1.72% 2.29%

COLOM 8.125 24 131.5 0.33% 2.13% 3.48% 8.85%

COLOM 4 24 105.5 0.11% 2.19% 4.08% 10.53%

COLOM 2.625 23 97.82 0.13% 2.03% 4.05% 10.78%

COLOM 4.375 21 108.2 0.07% 1.52% 2.80% 7.51%

COLOM 11.75 20 132.5 -0.19% 0.46% 1.14% 2.50%

COLOM 7.375 19 114.7 0.00% 0.61% 1.16% 2.32%

COLOM 7.375 17 103.6 -0.06% 0.05% -0.21% -1.65%

COLOM 8.66 16 101.9 -0.02% -0.08% -0.59% -2.85%

COLOM 8.7 16 100.3 0.00% 0.00% 0.00% -2.05%

Colombia Gov USD PricePrice Chg (%)

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

Weekly Price Chg

-1.0%0.0%1.0%2.0%3.0%4.0%5.0%6.0%

Weekly Price Chg

Andean Region — Fixed Income

AV

ALC

B 1

7

AV

ALC

B 2

2

BA

NB

OG

17

BA

NB

OG

23

BC

OLO

17

BC

OLO

20

BC

OLO

21

BC

OLO

22

DA

VIV

I 1

8

DA

VIV

I 2

2

GN

BS

UD

18

GN

BS

UD

22

GR

UP

OS

21

SU

AM

SA

24

BA

NG

AN

25

EC

OP

ET 1

8

EC

OP

ET 1

9

EC

OP

ET 2

3

EC

OP

ET 2

5

EC

OP

ET 2

6

EC

OP

ET 4

3

OC

EN

SA

21

EE

BC

B 2

1

EE

BC

B 2

2

EE

PP

ME

19

TE

LE

FO

2

2

1

2

3

4

5

6

7

8

9

10

0 2 4 6 8 10 12

Yie

ld t

o M

atu

rity

(%

)

Duration

Financials

Oil & Gas

Utilities

Airlines

7

06 de Marzo de 2015

Informe Diario de Cierre

Source: Bloomberg, Calculated by Ad Cap Colombia.

06 de Marzo de 2015

Informe Diario de Cierre

COLOMBIA—Indicative prices

Daily Week ly 3M YDT

COLTES 7.75 30 101.6 0.00% 1.81% 4.37% 13.39%

COLTES 6 28 88.12 0.00% 1.53% 3.03% 12.52%

COLTES 7.5 26 99.48 -0.36% 1.04% 2.26% 8.36%

COLTES 10 24 116.3 -0.07% 1.15% 2.18% 5.35%

COLTES 7 22 99.59 -0.05% 0.33% 2.23% 5.35%

COLTES 11 20 114.6 -0.03% 0.58% 1.77% 2.17%

COLTES 7 19 100.7 0.03% 0.56% 1.54% 2.52%

COLTES 5 18 96.38 -0.03% 0.30% 1.07% 2.08%

COLTES 11.25 18 109.2 -0.08% 0.35% 0.55% -0.28%

COLTES 5.5 16 7.202 0.00% 5.60% -0.11% 17.05%

COLTES 7.25 16 100 0.00% 0.00% 0.00% -0.49%

Colombia Gov Cop PricePrice Chg (%)

CO

LTES

28

CO

LTES

30

CO

LTES

26

CO

LTES

24

CO

LTES

22

CO

LTES

20

CO

LTES

19

CO

LTES

5 1

8

CO

LTES

11

.25

18

CO

LTES

5.5

16

5.5

6.5

7.5

8.5

9.5

10.5

0 2 4 6 8

Yie

ld t

o M

atu

rity

(%

)

Duration

Andean Region — Fixed Income

Daily Week ly 3M YTD Rate Type Date Type Moody's S&P Fitch

AVALCB 5.25 17 Financial GRUPO AVAL LTD 101.75 2.11 0.55 143.29 -39.74 -45.65 -56.65 175.6 5.25 FIXED 2/1/2012 2/1/2017 AT MATURITY Sr Unsecured 600,000,000$ Ba1 BBB

AVALCB 4.75 22 Financial GRUPO AVAL LTD 98.9 4.96 5.25 394.35 -40.80 -2.76 -40.22 386.52 4.75 FIXED 9/26/2012 9/26/2022 AT MATURITY Sr Unsecured 1,000,000,000$ Ba1 BBB

BANBOG 5 17 Financial BANCO DE BOGOTA SA 101.25 2.56 0.50 188.87 -21.16 -21.16 -21.16 -87.75 221.69 5 FIXED 12/19/20111/15/2017 AT MATURITY Sr Unsecured 600,000,000$ Baa2 BBB+ BBB-

BANBOG 5.375 23 Financial BANCO DE BOGOTA SA 101.75 5.06 5.41 402.07 5.90 16.21 -38.51 391.83 5.38 FIXED 2/19/2013 2/19/2023 AT MATURITY Subordinated 500,000,000$ Ba1 BBB

BCOLO 6.875 17 Financial BANCOLOMBIA SA 104.12 2.13 0.86 145.14 -0.74 -134.71 3.14 171.68 6.88 FIXED 5/25/2007 5/25/2017 AT MATURITY Subordinated 199,512,000$ Ba1 BBB

BCOLO 6.125 20 Financial BANCOLOMBIA SA 108.34 3.88 3.51 302.53 -9.49 -116.86 -43.94 307.38 6.13 FIXED 7/26/2010 7/26/2020 AT MATURITY Subordinated 620,000,000$ Ba1 BBB

BCOLO 5.95 21 Financial BANCOLOMBIA SA 110.23 3.65 4.26 273.73 0.07 -21.01 -30.93 272.74 5.95 FIXED 10/27/20116/3/2021 AT MATURITY Sr Unsecured 995,643,000$ Baa2 BBB+

BCOLO 5.125 22 Financial BANCOLOMBIA SA 103.05 4.55 5.18 354.27 9.51 -21.99 -53.12 346.55 5.13 FIXED 9/11/2012 9/11/2022 AT MATURITY Subordinated 1,424,513,000$ Ba1 BBB

DAVIVI 2.95 18 Financial BANCO DAVIVIENDA SA 100.82 2.41 1.50 170.52 -18.51 -38.06 -12.73 191.01 2.95 FIXED 1/29/2013 1/29/2018 AT MATURITY Sr Unsecured 500,000,000$ Baa3 BBB BBB-

DAVIVI 5.875 22 Financial BANCO DAVIVIENDA SA 104.51 5.00 4.90 400.29 0.50 -14.15 -44.54 393.18 5.88 FIXED 7/9/2012 7/9/2022 AT MATURITY Subordinated 500,000,000$ Ba2 BBB-

GNBSUD 3.875 18 Financial BANCO GNB SUDAMERIS SA 99.875 3.94 1.73 322.48 9.72 -38.67 38.37 340.75 3.88 FIXED 5/2/2013 5/2/2018 AT MATURITY Sr Unsecured 300,000,000$ Ba1 WD

GNBSUD 7.5 22 Financial GNB SUDAMERIS BANK SA 102.5 6.99 4.68 599.58 5.37 -3.12 16.93 591.41 7.5 FIXED 7/30/2012 7/30/2022 AT MATURITY Subordinated 250,000,000$ B1 WD

GRUPOS 5.7 21 Financial GRUPOSURA FINANCE 107.94 3.89 4.23 297.87 10.29 -9.11 -3.87 -9.869 297.04 5.7 FIXED 5/18/2011 5/18/2021 AT MATURITY Sr Unsecured 300,000,000$ BBB- BBB

SUAMSA 4.875 24 Financial SUAM FINANCE BV 104.5 4.19 6.39 307.23 6.60 -28.08 -8.90 295.39 4.88 FIXED 4/17/2014 4/17/2024 AT MATURITY Sr Unsecured 500,000,000$ Baa1 BBB+

BANGAN 4.875 25 Financial BBVA COLOMBIA SA 101.5 4.66 7.03 348.65 -1.37 -20.02 -6.63 336.44 4.88 FIXED 4/21/2015 4/21/2025 AT MATURITY Subordinated 400,000,000$ Baa3 BBB

ECOPET 4.25 18 Energy ECOPETROL SA 104.49 2.14 2.07 140.04 38.93 -49.53 -47.03 156.44 4.25 FIXED 9/18/2013 9/18/2018 AT MATURITY Sr Unsecured 350,000,000$ Baa2 BBB BBB

ECOPET 7.625 19 Energy ECOPETROL SA 115.25 2.40 2.68 160.99 -5.84 -16.70 -77.01 173.17 7.63 FIXED 10/2/2009 7/23/2019 AT MATURITY Sr Unsecured 1,496,855,000$ Baa2 BBB BBB

ECOPET 5.875 23 Energy ECOPETROL SA 105.4 4.97 5.77 389.78 -7.20 -25.40 -62.25 377.28 5.88 FIXED 9/18/2013 9/18/2023 AT MATURITY Sr Unsecured 1,300,000,000$ Baa2 BBB BBB

ECOPET 4.125 25 Energy ECOPETROL SA 93.45 5.08 6.89 391.35 -6.62 -49.49 -47.84 379.91 4.13 FIXED 9/16/2014 1/16/2025 AT MATURITY Sr Unsecured 1,200,000,000$ Baa2 BBB BBB

ECOPET 5.375 26 Energy ECOPETROL SA 99.75 5.41 7.62 417.14 6.09 -13.65 -8.65 403.81 5.38 FIXED 6/26/2015 6/26/2026 CALLABLE Sr Unsecured 1,500,000,000$ Baa2 BBB BBB

ECOPET 7.375 43 Energy ECOPETROL SA 104.96 6.96 11.75 542.09 2.01 -40.93 -29.09 492.67 7.38 FIXED 9/18/2013 9/18/2043 AT MATURITY Sr Unsecured 850,000,000$ Baa2 BBB BBB

ECOPET 5.875 45 Energy ECOPETROL SA 89.75 6.68 12.94 510.63 0.05 -40.51 -18.05 457.75 5.88 FIXED 5/28/2014 5/28/2045 AT MATURITY Sr Unsecured 2,000,000,000$ Baa2 BBB BBB

OCENSA 4 21 Energy OLEODUCTO CENTRAL SA 98 4.46 4.31 355.00 -6.79 -7.76 -4.07 354.77 4 FIXED 5/7/2014 5/7/2021 AT MATURITY Sr Unsecured 500,000,000$ Baa3 BBB

PRECN 5.375 19 Energy PACIFIC EXPLORATION AND 18.5 105.05 1.23 ###### -392.76 105.59 185.10 10444 5.38 FLAT TRADING 11/26/20131/26/2019 CALLABLE Sr Unsecured 1,300,000,000$ Ba3 B+ BB

PRECN 7.25 21 Energy PACIFIC EXPLORATION AND 18.625 57.67 2.36 5677.41 25.67 -96.33 -1625.85 5668.3 7.25 FIXED 12/12/201112/12/2021CALLABLE Sr Unsecured 690,549,000$ Ba3 B+ BB

PRECN 5.125 23 Energy PACIFIC EXPLORATION AND 17.75 46.47 2.91 4548.24 8.86 215.78 -88.53 4531.4 5.13 FLAT TRADING 3/28/2013 3/28/2023 CALLABLE Sr Unsecured 1,000,000,000$ Ba3 B+ BB

PRECN 5.625 25 Energy PACIFIC EXPLORATION AND 18.625 43.42 2.69 4238.87 21.28 -506.14 -281.20 4214.1 5.63 FLAT TRADING 9/19/2014 1/19/2025 CALLABLE Sr Unsecured 1,113,651,000$ Ba3 B+ BB

EEBCB 6.125 21 Utilities EMPRESA DE ENERGIA DE BO 104.9 0.67 0.34 -0.70 -4.42 -170.73 -275.72 37.941 6.13 FIXED 11/10/201111/10/2021CALLABLE Sr Unsecured 749,000,000$ Baa3 BBB BBB-

TRAGSA 5.7 22 Energy TRANSPRTDRA DE GAS INTL 104.4 3.34 0.68 266.59 -0.58 5.38 -152.48 296.02 5.7 FIXED 3/20/2012 3/20/2022 CALLABLE Sr Unsecured 750,000,000$ Baa3 BBB BBB-

EEPPME 7.625 19 Utilities EMPRESAS PUBLIC MEDELLIN 115 2.50 2.69 171.22 3.25 21.50 -6.44 183.27 7.63 FIXED 7/29/2009 7/29/2019 AT MATURITY Sr Unsecured 500,000,000$ Baa3 BBB+

TELEFO 5.375 22 Communications COLOMBIA TELECOMM SA ESP 94.75 6.41 5.10 540.01 8.04 -15.46 68.67 531.82 5.38 FIXED 9/27/2012 9/27/2022 CALLABLE Sr Unsecured 750,000,000$ BB BB

TELEFO 8.5 49 Communications COLOMBIA TELECOMUNICACIO 90.25 11.80 2.99 1095.69 -81.27 -129.49 -4.48 1103.7 8.5 VARIABLE 3/30/2015 PERP/CALL Subordinated 500,000,000$ B+ B

PFAVHC 8.375 20 Consumer, CyclicalAVIAN HLDS SA/LEASING/GR 81 15.06 3.02 1422.48 4.68 84.37 299.63 1428.3 8.38 FIXED 5/10/2013 5/10/2020 CALLABLE Sr Unsecured 300,000,000$ B+ B

Z-SpdIssue

DateRank Amount (USD MM)Corporate Industry Issuer Price YTW Mdur

Var Z-Spd (bps) Coupon Maturity RatingSpd

o/Sov

Daily Week ly 3M YTD Rate Type Date Type Moody's S&P Fitch

COLOM 5 45 Government REPUBLIC OF COLOMBIA 106.32 4.60 15.46 294.51 2.49 -30.35 -39.60 -72.27 248.36 5 FIXED 1/28/2015 6/15/2045 CALLABLE Sr Unsecured 2,500,000,000$ Baa2 BBB BBB

COLOM 5.625 44 Government REPUBLIC OF COLOMBIA 113.35 4.74 14.39 311.84 2.15 -28.29 -41.77 -65.53 268.77 5.63 FIXED 1/28/2014 2/26/2044 CALLABLE Sr Unsecured 2,500,000,000$ Baa2 BBB BBB

COLOM 6.125 41 Government REPUBLIC OF COLOMBIA 118.46 4.83 13.28 323.02 1.21 -28.87 -40.37 -64.38 287.36 6.13 FIXED 10/20/20091/18/2041 AT MATURITY Sr Unsecured 2,500,000,000$ Baa2 BBB BBB

COLOM 7.375 37 Government REPUBLIC OF COLOMBIA 132.74 4.88 11.87 331.97 2.08 -29.73 -39.40 63.69 304.38 7.38 FIXED 9/19/2006 9/18/2037 AT MATURITY Sr Unsecured 1,818,400,000$ Baa2 BBB BBB

COLOM 10.375 33 Government REPUBLIC OF COLOMBIA 157.25 5.18 9.35 369.74 -2.71 -34.58 -44.31 63.38 348.95 10.4 FIXED 1/28/2003 1/28/2033 AT MATURITY Sr Unsecured 340,511,000$ Baa2 BBB BBB

COLOM 11.85 28 Government REPUBLIC OF COLOMBIA 178.06 3.60 7.60 226.94 -2.50 -31.91 -36.67 210.79 11.9 FIXED 3/17/2000 3/9/2028 AT MATURITY Sr Unsecured 9,210,000$ BBB BBB

COLOM 8.375 27 Government REPUBLIC OF COLOMBIA 128.63 4.88 7.30 349.04 -8.14 -22.95 -10.10 113.1 334.25 8.38 FIXED 2/24/1997 2/15/2027 AT MATURITY Sr Unsecured 74,292,000$ Baa2 BBB BBB

COLOM 8.125 24 Government REPUBLIC OF COLOMBIA 131.49 3.51 6.09 234.69 -4.28 -35.38 -36.64 44.16 221.27 8.13 FIXED 1/21/2004 5/21/2024 AT MATURITY Sr Unsecured 1,000,000,000$ Baa2 BBB BBB

COLOM 4 24 Government REPUBLIC OF COLOMBIA 105.46 3.16 6.31 203.25 2.14 -31.90 -37.85 35.35 191.98 4 FIXED 9/26/2013 2/26/2024 CALLABLE Sr Unsecured 2,100,000,000$ Baa2 BBB BBB

COLOM 2.625 23 Government REPUBLIC OF COLOMBIA 97.82 2.99 6.03 189.14 1.08 -31.35 -39.81 32.53 179.92 2.63 FIXED 1/29/2013 3/15/2023 CALLABLE Sr Unsecured 1,000,000,000$ Baa2 BBB BBB

COLOM 4.375 21 Government REPUBLIC OF COLOMBIA 108.24 2.61 4.43 164.08 0.00 -34.09 -39.69 15.48 162.62 4.38 FIXED 7/12/2011 7/12/2021 AT MATURITY Sr Unsecured 2,000,000,000$ Baa2 BBB BBB

COLOM 11.75 20 Government REPUBLIC OF COLOMBIA 132.48 2.36 3.01 144.53 2.44 -25.18 -36.84 -17.12 151.93 11.8 FIXED 2/25/2000 2/25/2020 AT MATURITY Sr Unsecured 796,059,000$ Baa2 BBB BBB

COLOM 7.375 19 Government REPUBLIC OF COLOMBIA 114.73 1.75 2.44 91.29 -3.03 -33.50 -44.14 -32.28 105.31 7.38 FIXED 1/13/2009 3/18/2019 AT MATURITY Sr Unsecured 2,000,000,000$ Baa2 BBB BBB

COLOM 7.375 17 Government REPUBLIC OF COLOMBIA 103.61 0.82 0.53 -12.89 -18.46 -59.91 -70.51 -83.12 19.322 7.38 FIXED 7/27/2006 1/27/2017 AT MATURITY Sr Unsecured 1,650,000,000$ Baa2 BBB BBB

COLOM 8.66 16 Government REPUBLIC OF COLOMBIA 101.94 0.79 0.25 -17.08 -30.87 -58.45 -41.61 24.902 8.66 FIXED 10/7/1996 10/7/2016 PUTABLE Sr Unsecured 75,427,000$ Baa2 BBB BBB

RatingMdur

Spd

o/SovIssue Date Rank Amount (USD MM)Z-Spd

Var Z-Spd (bps) Coupon MaturityColombia Gov

USDIndustry Issuer Price YTW

Daily Week ly 3M YTD Rate Type Date Type Moody's S&P Fitch

COLTES 7.75 30 Government TITULOS DE TESORERIA B 101.57 7.56 8.01 16.03 -2.47 1.06 -34.66 0 7.75 FIXED 1/14/2015 9/18/2030 AT MATURITY Unsecured 8,992,940,511,000$ Baa2 BBB+ BBB+

COLTES 6 28 Government TITULOS DE TESORERIA B 88.125 7.55 7.88 15.53 -1.61 -0.92 -27.54 -1.588 6 FIXED 4/28/2012 4/28/2028 AT MATURITY Sr Unsecured 10,392,929,512,000$ Baa2 BBB+ BBB+

COLTES 7.5 26 Government TITULOS DE TESORERIA B 99.482 7.57 6.51 30.33 3.14 3.63 -14.24 0 7.5 FIXED 9/20/2011 8/26/2026 AT MATURITY Sr Unsecured 9,526,993,537,000$ Baa2 BBB+ BBB+

COLTES 10 24 Government TITULOS DE TESORERIA B 116.26 7.26 5.23 23.51 -1.08 -1.99 -19.50 0 10 FIXED 3/19/2009 7/24/2024 AT MATURITY Sr Unsecured 21,544,007,378,000$ Baa2 BBB+ BBB+

COLTES 7 22 Government TITULOS DE TESORERIA B 99.594 7.08 4.60 23.71 -0.52 11.31 -28.76 0 7 FIXED 5/9/2012 5/4/2022 AT MATURITY Sr Unsecured 12,194,268,218,000$ Baa2 BBB+ BBB+

COLTES 11 20 Government TITULOS DE TESORERIA B 114.59 6.76 3.02 4.86 -2.95 -4.92 -42.69 0 11 FIXED 7/29/2005 7/24/2020 AT MATURITY Sr Unsecured 11,045,535,135,000$ Baa2 BBB+ BBB+

COLTES 7 19 Government TITULOS DE TESORERIA B 100.7 6.74 2.63 5.90 -4.90 -7.46 -39.80 0 7 FIXED 1/15/2014 9/11/2019 AT MATURITY Sr Unsecured 8,324,945,456,000$ Baa2 BBB+ BBB+

COLTES 5 18 Government TITULOS DE TESORERIA B 96.383 6.68 2.10 -5.52 -1.68 -0.51 -32.98 0 5 FIXED 11/21/201211/21/2018AT MATURITY Unsecured 10,232,573,000,000$ Baa2 BBB+ BBB+

COLTES 11.25 18 Government TITULOS DE TESORERIA B 109.24 6.75 1.90 -0.23 -6.09 -8.15 -31.83 7.5 11.3 FIXED 4/9/2008 10/24/2018AT MATURITY Sr Unsecured 12,990,825,000,000$ Baa2 BBB+ BBB+

COLTES 4.75 35 Government TITULOS DE TESORERIA B 111.76 3.86 12.54 -263.17 -370.4 4.75 FIXED 3/2/2016 4/4/2035 AT MATURITY Unsecured 5,002,189,000$

COLTES 3 33 Government TITULOS DE TESORERIA B 90.449 3.78 12.59 -271.11 -0.57 -28.56 -29.33 -378 3 FIXED 6/5/2013 3/25/2033 AT MATURITY Unsecured 28,463,899,844$ Baa2 BBB+ BBB+

COLTES 3.5 25 Government TITULOS DE TESORERIA B 100.15 3.48 7.45 -212.48 37.86 13.97 7.96 -389.8 3.5 FIXED 5/7/2014 5/7/2025 AT MATURITY Sr Unsecured 12,546,960,240$ Baa2

COLTES 4.75 23 Government TITULOS DE TESORERIA B 109.12 3.20 5.62 -206.02 41.74 2.88 -5.14 -394.5 4.75 FIXED 1/17/2007 2/23/2023 AT MATURITY Sr Unsecured 59,721,479,960$ Baa2 BBB+ BBB+

COLTES 3.5 21 Government TITULOS DE TESORERIA B 101.71 3.10 4.22 -192.40 39.38 -1.87 4.85 -377.3 3.5 FIXED 3/10/2011 3/10/2021 AT MATURITY Sr Unsecured 43,855,514,556$ Baa2 BBB+ BBB+

COLTES 3.5 19 Government TITULOS DE TESORERIA B 101.76 2.83 2.61 -196.96 -6.93 -18.87 -18.43 -387.4 3.5 FIXED 1/8/2014 4/17/2019 AT MATURITY Sr Unsecured 27,997,288,627$ Baa2 BBB+ BBB+

COLTES 4.25 17 Government TITULOS DE TESORERIA B 101.91 2.00 0.85 -332.19 -60.35 -68.43 -78.62 -467.4 4.25 FIXED 4/26/2010 5/17/2017 AT MATURITY Sr Unsecured 51,302,069,920$ Baa2 BBB+ BBB+

Spd

o/SovZ-Spd Issue Date Rank Amount (USD MM)

Colombia Gov

COPIndustry Issuer Price YTW Mdur

Var Z-Spd (bps) Coupon Maturity Rating

8

06 de Marzo de 2015

Informe Diario de Cierre

PERU—Indicative prices

Source: Reuters; Bloomberg, calculated by Ad Cap Colombia.

06 de Marzo de 2015

Informe Diario de Cierre

Daily Week ly 3M YDT

CPACPE 4.5 23 100.75 0.88% 1.51% 3.07% 7.75%

UNACEM 5.875 21 103.4 2.02% 1.00% 1.78% 6.91%

AJECBV 6.5 22 40.875 0.00% 0.93% 4.00% 2.19%

MAESPE 6.75 19 103 0.00% 0.00% 0.00% -1.44%

ISCORP 8.375 21 105 0.00% 0.00% 0.82% 7.58%

TGPERU 4.25 28 100.375 0.00% 0.78% 0.12% 4.80%

TRANSM 4.375 23 101.4 0.00% 0.00% 1.15% 4.27%

BCOCPE 2.25 16 100 0.00% 0.00% -0.05% 0.13%

BCOCPE 5.75 17 102.3 0.00% 0.00% -0.20% -0.68%

BCOCPE 3.25 18 102.78 0.52% 0.96% 0.64% 2.27%

BCOCPE 5.5 20 110.25 0.00% 0.68% 0.55% 2.80%

BCOCPE 5 22 109.75 0.23% 2.09% 7.07% 6.68%

BCOCPE 5.25 29 104.375 -0.30% 0.36% 1.19% 7.79%

BCP 4.75 16 100.281 0.00% 0.00% 0.00% -0.04%

BCP 2.75 18 101.5 0.18% 0.35% 0.35% 1.45%

BCP 5.375 20 111.68 -0.16% 0.51% 2.21% 3.96%

BCP 4.25 23 107.23 1.35% 1.40% 2.60% 7.63%

BCP 6.875 26 113.688 0.00% 1.28% 1.96% 4.99%

BCP 6.125 27 110.63 0.99% 1.96% 6.12% 6.38%

BINTPE 5.75 20 111.68 -0.17% 0.50% 0.95% 5.86%

BINTPE 6.625 29 107.4 0.61% 0.61% 1.32% 7.27%

BNSCN 4.5 27 102 -0.24% 1.75% 0.99% 7.20%

IFHBH 5.875 25 101.25 -2.36% 0.35% 1.89% 6.86%

HOCLN 7.75 21 105.375 1.08% 1.08% 1.57% 16.95%

MILPOC 4.625 23 98.65 0.31% 4.67% 5.51% 10.84%

MINSUR 6.25 24 103.95 0.43% 4.21% 6.89% 12.74%

VOLCAN 5.375 22 93.677 0.40% 3.19% 4.09% 46.70%

COFIDE 3.25 19 103.375 -0.12% 0.80% 0.95% 3.50%

COFIDE 4.75 22 107.3 0.00% 0.40% 1.29% 5.71%

COFIDE 4.75 25 107.85 1.20% 1.60% 2.96% 9.49%

COFIDE 5.25 29 104.25 1.71% 1.71% 1.46% 6.05%

MIVIVI 3.375 19 103.17 0.06% 0.27% 0.70% 3.45%

MIVIVI 3.5 23 100.441 -0.08% 0.84% 1.30% 6.09%

Price Chg (%)Corporate Price

Daily Weekly 3M YDT

PERU 7.125 19 115.48 -0.05% 0.35% 0.48% 1.18%

PERU 7.35 25 137.885 0.57% 2.13% 3.32% 9.77%

PERU 8.75 33 159.848 0.53% 3.38% 5.61% 13.49%

PERU 6.55 37 137.77 1.10% 4.27% 7.42% 18.58%

PERU 5.625 50 127.55 0.90% 5.03% 9.45% 24.14%

Price Chg (%)Peru Gov USD Price

BC

OC

PE

16

BC

OC

PE

17

BC

OC

PE

18

BC

OC

PE

20

BC

OC

PE

22

BC

OC

PE

29

BC

P 1

8

BC

P 2

0

BC

P 2

3

BC

P 2

6

BC

P 2

7

BIN

TPE

20 BIN

TPE

29

BN

SCN

27

IFH

BH

25

HO

CLN

21

MIL

PO

C 2

3

MIN

SUR

24

VO

LCA

N 2

2

CP

AC

PE

23

UN

AC

EM 2

1

MA

ESP

E 1

9

ISC

OR

P 2

1

TGP

ERU

28

TRA

NSM

23

CO

FID

E 1

9

CO

FID

E 2

2

CO

FID

E 2

5

CO

FID

E 2

9

MIV

IVI 1

9

MIV

IVI 2

3

0

2

4

6

8

10

12

14

0 2 4 6 8

Yie

ld t

o M

atu

rity

(%

)

Duration

Financials

Basic Materials

Others

Quasi-Gov Financials

0.0%0.5%1.0%1.5%2.0%2.5%3.0%3.5%4.0%4.5%5.0% Weekly Price Chg

PER

U 1

9

PER

U 2

5

PER

U 3

3

PER

U 3

7

1

1.5

2

2.5

3

3.5

4

4.5

5

5.5

6

1 6 11 16

Yie

ld t

o M

atu

rity

(%

)

Duration

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

PERU 7.125 19 PERU 7.35 25 PERU 8.75 33 PERU 6.55 37 PERU 5.625 50

Weekly Price Chg

Andean Region — Fixed Income

9

06 de Marzo de 2015

Informe Diario de Cierre

Source: Bloomberg, Calculated by Ad Cap Colombia.

06 de Marzo de 2015

Informe Diario de Cierre

PERU—Indicative prices

Daily Week ly 3M YDT

PERUGB 8.6 17 104.274 0.26% 0.84% -0.47% -0.88%

PERUGB 7.84 20 110.711 0.61% 2.58% 1.56% 5.20%

PERUGB 5.2 23 99.094 0.47% 2.06% 3.71% 10.77%

PERUGB 5.7 24 101.487 0.29% 1.63% 4.17% 11.85%

PERUGB 8.2 26 117.952 0.00% 1.61% 5.26% 12.23%

PERUGB 6.95 31 109.342 0.00% 2.85% 8.69% 18.51%

PERUGB 6.9 37 107.716 -0.23% 2.60% 8.96% 18.89%

PERUGB 6.85 42 104.419 0.00% 2.43% 8.24% 17.19%

PERUGB 6.7142 55 99.792 -0.81% 2.16% 6.11% 15.52%

Price Chg (%)Peru Gov PEN Price

PER

UG

B 1

7

PER

UG

B 2

0

PER

UG

B 2

3P

ERU

GB

24

PER

UG

B 2

6

PER

UG

B 3

1

PER

UG

B 3

7

PER

UG

B 4

2

3

4

5

6

7

8

9

0 5 10

Yie

ld t

o M

atu

rity

(%

)

Duration

Daily Week ly 3M YTD Rate Type Date Type Moody's S&P Fitch

CPACPE 4.5 23 Industrial CEMENTOS PACASMAYO SAA 100.75 4.37 5.55 331.99 -10.10 -25.45 -25.85 322.39 4.5 FIXED 2/8/2013 2/8/2023 AT MATURITY Sr Unsecured 300,000,000$ BBB- BB+

UNACEM 5.875 21 Industrial UNION ANDINA DE CEMENTOS 103.4 4.99 3.75 411.08 -49.62 -23.55 -21.31 414.23 5.88 FIXED 10/31/2014 10/30/2021CALLABLE Sr Unsecured 625,000,000$ Ba2 BB+

AJECBV 6.5 22 Consumer, Non-cyclicalAJECORP BV 40.875 27.26 3.73 2629.63 10.80 -17.52 -54.68 2621.3 6.5 FIXED 5/14/2012 5/14/2022 CALLABLE Sr Unsecured 450,000,000$ BB BB-

MAESPE 6.75 19 Consumer, Cyclical MAESTRO PERU SA 103 5.29 2.01 455.15 28.58 28.58 28.58 93.83 471.79 6.75 FIXED 9/26/2012 9/26/2019 CALLABLE Sr Unsecured 200,000,000$ Ba2 B /*+

INKENE 8.375 21 Utilities INKIA ENERGY LTD 105 -2.68 0.07 -334.31 -74.51 -224.10 ###### -2244 -290.4 8.38 FIXED 4/4/2011 4/4/2021 CALLABLE Sr Unsecured 450,000,000$ Ba3 BB BB

TGPERU 4.25 28 Utilities TRANSPORT DE GAS PERU 100.38 4.20 7.87 294.99 6.88 -4.24 26.59 30.85 283.23 4.25 FIXED 4/30/2013 4/30/2028 SINKABLE Sr Unsecured 850,000,000$ Baa1 BBB+ BBB+

TRANSM 4.375 23 Utilities TRANSMANTARO 101.4 4.14 5.82 307.27 27.03 27.03 22.00 16.21 296.3 4.38 FIXED 5/7/2013 5/7/2023 AT MATURITY Sr Unsecured 450,000,000$ Baa3 BBB-

BCOCPE 2.25 16 Financial BBVA BANCO CONTINENTAL 100 2.23 0.06 158.16 -1.11 -1.11 37.73 -16.56 198.44 2.25 FIXED 1/29/2013 7/29/2016 AT MATURITY Sr Unsecured 300,000,000$ A- BBB+

BCOCPE 5.75 17 Financial CONTINENTAL SR TRUST 102.3 1.36 0.51 68.78 -16.56 -16.56 -21.87 -140.6 101.5 5.75 FIXED 1/18/2012 1/18/2017 AT MATURITY Sr Unsecured 500,000,000$ A- BBB+

BCOCPE 3.25 18 Financial BBVA BANCO CONTINENTAL 102.78 1.63 1.69 91.38 -30.26 -57.83 -12.57 110.88 3.25 FIXED 4/8/2013 4/8/2018 AT MATURITY Sr Unsecured 500,000,000$ A- BBB+

BCOCPE 5.5 20 Financial BANCO CONT(CONT SR TRST) 110.25 2.98 3.88 209.44 3.21 -15.33 8.31 -13.62 212.38 5.5 FIXED 11/18/2010 11/18/2020AT MATURITY Sr Unsecured 350,000,000$ A- BBB+

BCOCPE 5 22 Financial BBVA BANCO CONTINENTAL 109.75 3.23 5.23 222.14 0.57 -35.24 -102.82 214.86 5 FIXED 8/29/2012 8/26/2022 AT MATURITY Sr Unsecured 500,000,000$ A- BBB+

BCOCPE 5.25 29 Financial BBVA BANCO CONTINENTAL 104.38 4.60 6.56 346.09 10.28 0.26 21.52 333.19 5.25 VARIABLE9/22/2014 9/22/2029 CALLABLE Subordinated 300,000,000$ BBB+ BBB

BCP 2.75 18 Financial BANCO DE CREDITO DEL PER 101.5 1.73 1.45 102.81 -10.23 -25.44 0.87 -57.34 124.13 2.75 FIXED 7/9/2014 1/9/2018 AT MATURITY Sr Unsecured 230,154,000$ A-

BCP 5.375 20 Financial BANCO DE CREDITO DEL PER 111.68 2.42 3.73 155.63 8.35 -11.68 -35.88 159.76 5.38 FIXED 9/16/2010 9/16/2020 AT MATURITY Sr Unsecured 800,000,000$ Baa1 A- BBB+

BCP 4.25 23 Financial BANCO DE CREDITO DEL PER 107.23 3.05 5.81 199.42 -18.14 -19.56 -17.30 189.16 4.25 FIXED 4/1/2013 4/1/2023 AT MATURITY Sr Unsecured 716,301,000$ Baa1 A- BBB+

BCP 6.875 26 Financial BANCO DE CREDITO DEL PER 113.69 3.93 4.34 299.35 4.88 -25.64 -20.17 296.58 6.88 VARIABLE9/16/2011 9/16/2026 CALLABLE Subordinated 476,135,595$ Baa3 BBB+ BBB

BCP 6.125 27 Financial BANCO DE CREDITO DEL PER 110.63 4.05 4.86 306.38 -14.85 -35.84 -95.32 300.49 6.13 VARIABLE4/24/2012 4/24/2027 CALLABLE Subordinated 720,000,000$ Baa3 BBB+ BBB

BINTPE 5.75 20 Financial BANCO INTL DEL PERU/PANA 111.68 2.81 3.75 193.99 8.81 -14.24 -3.38 197.66 5.75 FIXED 10/7/2010 10/7/2020 AT MATURITY Sr Unsecured 650,000,000$ Baa2 BBB+

BINTPE 6.625 29 Financial BANCO INTERNAC DEL PERU 107.4 5.40 6.02 433.49 -4.50 -4.50 5.98 419.58 6.63 VARIABLE3/18/2014 3/19/2029 CALLABLE Subordinated 300,000,000$ Ba1 BBB BBB-

BNSCN 4.5 27 Financial SCOTIABANK PERU SA 102 4.14 5.53 310.64 9.50 -26.91 9.52 301.87 4.5 VARIABLE12/13/2012 12/13/2027CALLABLE Subordinated 400,000,000$ Baa2 A-

IFHBH 5.875 25 Financial INTERCORP PERU LTD 101.25 5.64 5.29 460.36 49.30 -2.15 -7.22 449.97 5.88 FIXED 2/12/2015 2/12/2025 CALLABLE Sr Unsecured 250,000,000$ Ba2 BBB- BB

HOCLN 7.75 21 Basic Materials CO MINERA ARES SAC 105.38 6.04 2.98 521.91 -35.98 -35.98 -27.82 530.47 7.75 FIXED 1/23/2014 1/23/2021 CALLABLE Sr Unsecured 350,000,000$ Ba3 BB+

MILPOC 4.625 23 Basic Materials COMPANIA MINERA MILPO 98.65 4.86 5.64 380.73 -0.53 -68.54 -51.87 370.18 4.63 FIXED 3/28/2013 3/28/2023 AT MATURITY Sr Unsecured 350,000,000$ BBB BBB-

MINSUR 6.25 24 Basic Materials MINSUR SA 103.95 5.60 5.87 450.64 -1.75 -63.57 -71.62 437.12 6.25 FIXED 2/7/2014 2/7/2024 AT MATURITY Sr Unsecured 450,000,000$ Baa3 BBB- BBB-

VOLCAN 5.375 22 Basic Materials VOLCAN CIA MINERA SAA-CM 93.677 6.76 4.59 578.63 -3.73 -62.59 -55.74 574.15 5.38 FIXED 2/2/2012 2/2/2022 AT MATURITY Sr Unsecured 600,000,000$ Ba1 BBB- NR

COFIDE 3.25 19 Financial CORP FINANCIERA DE DESAR 103.38 2.09 2.83 130.07 7.57 -29.35 1.63 142.96 3.25 FIXED 7/15/2014 7/15/2019 AT MATURITY Sr Unsecured 300,000,000$ BBB+ BBB+

COFIDE 4.75 22 Financial CORP FINANCI DE DESARROL 107.3 3.31 4.83 233.28 4.77 14.96 11.48 229.08 4.75 FIXED 2/8/2012 2/8/2022 AT MATURITY Sr Unsecured 500,000,000$ BBB+ BBB+

COFIDE 4.75 25 Financial CORP FINANCIERA DE DESAR 107.85 3.72 7.22 251.44 -9.85 -16.61 -12.47 239.53 4.75 FIXED 7/15/2015 7/15/2025 AT MATURITY Sr Unsecured 600,000,000$ BBB+ BBB+

COFIDE 5.25 29 Financial CORP FINANCIERA DE DESAR 104.25 4.61 6.38 348.50 -11.95 -11.95 6.45 -2.01 335.11 5.25 VARIABLE7/15/2014 7/15/2029 CALLABLE Subordinated 300,000,000$ BBB BBB

MIVIVI 3.375 19 Financial FONDO MIVIVIENDA SA 103.17 2.17 2.59 128.61 -10.14 -21.00 -17.59 -71.54 143.07 3.38 FIXED 4/2/2014 4/2/2019 AT MATURITY Sr Unsecured 300,000,000$ BBB+ BBB+

MIVIVI 3.5 23 Financial FONDO MIVIVIENDA SA 100.44 3.42 5.73 229.77 -0.69 -17.34 -1.91 -14.04 220.83 3.5 FIXED 1/31/2013 1/31/2023 AT MATURITY Sr Unsecured 500,000,000$ BBB+ BBB+

Corporate Industry Issuer Price YTW MdurVar Z-Spd (bps) Coupon Maturity RatingSpd

o/SovAmount (USD MM)Z-Spd Issue Date Rank

Daily Weekly 3M YTD Rate Type Date Type Moody's S&P Fitch

PERUGB 8.6 17 Government PERU BONO SOBERANO 104.27 453.92% 1.01 -7.08 -4.601 8.6 FIXED 7/8/2005 8/12/2017 AT MATURITY Sr Unsecured 2,563,661,000$ A3 A- A-

PERUGB 7.84 20 Government PERU BONO SOBERANO 110.71 490.62% 3.40 58.18 58.18 58.18 58.18 -5.546 7.84 FIXED 7/18/2005 8/12/2020 AT MATURITY Sr Unsecured 6,427,234,000$ A3 A- A-

PERUGB 5.2 23 Government BONOS DE TESORERIA 99.094 534.48% 5.76 127.99 127.99 127.99 127.99 -5.303 5.2 FIXED 6/22/2012 9/12/2023 AT MATURITY Sr Unsecured 3,167,885,000$

PERUGB 5.7 24 Government BONOS DE TESORERIA 101.49 546.22% 6.23 145.70 145.70 145.70 145.70 -7.129 5.7 FIXED 11/7/2014 8/12/2024 AT MATURITY Sr Unsecured 7,128,422,000$ A3 A-

PERUGB 8.2 26 Government PERU BONO SOBERANO 117.95 582.00% 6.84 191.30 191.30 191.30 191.30 -8.18 8.2 FIXED 5/3/2006 8/12/2026 AT MATURITY Sr Unsecured 4,593,276,000$ A3 A- A-

PERUGB 6.95 31 Government PERU BONO SOBERANO 109.34 600.00% 9.20 230.23 230.23 230.23 230.23 -8.703 6.95 FIXED 4/24/2008 8/12/2031 AT MATURITY Sr Unsecured 4,290,157,000$ A3 A-

PERUGB 6.9 37 Government PERU BONO SOBERANO 107.72 624.00% 10.98 271.25 271.25 271.25 271.25 -9.425 6.9 FIXED 7/26/2007 8/12/2037 AT MATURITY Sr Unsecured 4,750,000,000$ A3 A-

PERUGB 6.85 42 Government BONOS DE TESORERIA 104.42 650.00% 11.81 305.95 305.95 305.95 305.95 16.575 6.85 FIXED 1/27/2010 2/12/2042 AT MATURITY Sr Unsecured 4,040,273,000$ A3 A-

PERUGB 6.7142 55 Government BONOS DE TESORERIA 99.792 674.00% 13.19 346.55 346.55 346.55 346.55 40.575 6.71 FIXED 7/9/2014 2/12/2055 AT MATURITY Sr Unsecured 835,293,000$

RatingAmount (USD MM)Peru Gov COP Industry Issuer Price YTW Mdur

Var Z-Spd (bps) Coupon MaturitySpd

o/SovZ-Spd Issue Date Rank

Daily Weekly 3M YTD Rate Type Date Type Moody's S&P Fitch

PERU 7.125 19 Government REPUBLIC OF PERU 115.48 1.33 2.4864 49.23 -2 -22 -17 -60 63.43 7.13 FIXED 3/30/2009 3/30/2019 AT MATURITY Sr Unsecured 691,814,000$ A3 BBB+ BBB+

PERU 7.35 25 Government REPUBLIC OF PERU 137.89 2.62 6.8789 139.88 -5 -28 -24 -58 126.41 7.35 FIXED 7/19/2005 7/21/2025 AT MATURITY Sr Unsecured 2,009,161,000$ A3 BBB+ BBB+

PERU 8.75 33 Government REPUBLIC OF PERU 159.85 3.95 10.655 245.82 -2 -28 -26 -38 226.27 8.75 FIXED 11/21/2003 11/21/2033AT MATURITY Sr Unsecured 2,245,439,000$ A3 BBB+ BBB+

PERU 6.55 37 Government REPUBLIC OF PERU 137.77 3.80 12.198 224.11 -5 -30 -32 33 202.48 6.55 FIXED 3/14/2007 3/14/2037 SINKABLE Sr Unsecured 1,201,667,000$ A3 BBB+ BBB+

PERU 5.625 50 Government REPUBLIC OF PERU 127.55 4.12 17.108 243.86 -2 -25 -27 47 194.74 5.63 FIXED 11/18/2010 11/18/2050AT MATURITY Sr Unsecured 2,545,000,000$ A3 BBB+ BBB+

Var Z-Spd (bps) Coupon Maturity RatingZ-SpdPeru Gov USD Industry Issuer Price YTW Mdur

Spd

o/SovIssue Date Rank Amount (USD MM)

Andean Region — Fixed Income

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