The Central American Bank for Economic Integration (Cabei, or BCIE in Spanish) has already hit over 80% of its annual funding need as it followed last week’s $2bn transaction in dollars with a £500m in sterling on Monday.

After announcing the sterling mandate on Friday, Cabei held investor calls on Monday – while watching as its peer CAF printed a £1bn 5-year at Sonia MS+82bp (vs guidance of 85bp area).

First thing Tuesday, Cabei emerged with guidance of Sonia MS+65bp for a shorter-dated 3-year, and was ultimately able to tighten to Sonia MS+57bp after demand reached £4.35bn.

“It’s been quite a spectacular week for us and I was very happy with today’s result, which came flat to our dollar curve,” said Humberto Rodriguez, Cabei’s CFO. “It feels like we have a special chemistry with the sterling market.”

Indeed, Tuesday’s transaction came with the tightest spread for any Latin American bond issue in pounds sterling ever.

Rodriguez added that the sustainable angle of the trade also supported demand.

“ESG has never stopped being a focus for us, and the sustainability label enabled us to attract high quality, specialised accounts,” he said. “In addition, we were approaching the UK market with two recent upgrades (from S&P and JCR) and a positive outlook from Moody’s.

“We could have issued more if we needed, but wanted to leave space for our other markets.”

In last week’s dollar trade ($2bn 01/22/2029 social bond pxd Jan 14 @ MS+49bp), Cabei notched both its largest ever deal and its largest ever order book ($9.3bn+), with the new issue concession estimated at negative 3bp.

“Given we’re a relatively recent USD benchmark issuer [having only regularly issued since 2020], we’re very happy with our progress, and our spreads are gradually edging closer to the triple-A SSA borrowers,” said Rodriguez.

Cabei has around $500m-equivalent left to raise in 2026, and will return to the Mexican peso market for a chunk of it – with private placements likely making up the rest.

Sterling deal book breakdown:

By type: Asset Manages 46.8%; CB/Ol 29.5%; Bank 13.6%; PF/Insurance 5.8%; Hedge Funds 4.1%; Others 0.2%

By geography: UK / Ireland 54.1%; Nordics 10.9%; DACH 9.1%; Asia 6.4%; Middle East 5.4%; Southern Europe 5.3%; Americas 5.2%; Other Europe 3.6%

Central American Bank for Economic Integration (“CABEI”) exp AA+/Aa3 (s/p) GBP-denominated £500m senior unsecured sustainability 3-year bond due 02/02/2029. Lead managers: Barclays (B&D), BofA, BMO. Coupon: Fixed Annual, ACT/ACT ICMA. Denoms: £100k + £1k. Listing: Luxembourg/London Stock Exchange. Governing law: NY Law. Target Market: Manufacturer target market (UK MiFIR product governance) is eligible and professional counterparties only (all distribution channels). Benchmark: +37.5bps vs. UKT 0 ½ 01/31/29 (Mid: 90.866, Bid: 90.851, 105% HR). ISIN: XS3280518773.

Price: 01/20. Settle: 02/02 (T+9).

GUIDANCE: Sonia MS+65bp area

REVISED GUIDANCE: Sonia MS+60bp area (Books in excess of £2.75bn inc £100m JLMs)

LAUNCH: £500m @ Sonia MS+57bp (Books in excess of £3.1bn, inc £100m JLMs)

PRICED: £500m 4.125% 02/02/2029 @ 99.972. Yield: 4.135% an. / 4.093% sa.

(Final books in excess of £4.3bn, inc £100m JLMs)

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[USD DEAL PXD 01/14/2026]

Central American Bank for Economic Integration (CABEI) exp. AA+/Aa3 (s/p) 144A/Reg S US$2bn senior unsecured 3-year social bond due 01/22/2029. Joint bookrunners: Barclays/BofA/CredAg/GS (B&D). Use of Proceeds: Social Bond. Denoms: $200k x $1k. Listing: Luxembourg Stock Exchange and London Stock Exchange. Governing law: State of New York. Clearing: DTC. Advertisement: The applicable Final Terms, when published, will be available on the website of the [Luxembourg Stock Exchange and the London Stock Exchange]. DealRoadshow: URL: https://dealroadshow.com & Entry Code: CABEI2026. Direct Link: https://dealroadshow.com/e/CABEI2026.

Timing: 01/14. Settle: 01/22 (T+5)

IPTs: MS+57bp area (equivalent to CT3+38.3bps area).

GUIDANCE: MS+52 area. IOIs>$5.8bn (incl. $450mm JLMs).
UPDATE: spread set at MS+49#. Books in excess of $8.8bn (incl. $450mm JLMs).
LAUNCHED: $2bn 3y social at MS+49. Final books closed $9.3bn+ (incl. $450mm JLMs).

PRICED: $2bn 3.750% 01/22/2029 @ 99.666 yld 3.869%. MS+49bp.