Paraguay completed USD 1.2 bln in offshore bond issuance, using USD 635 mln to buy back USD Eurobonds maturing in the next couple of years. Despite challenging conditions, half of the issuance (USD 600 mln) was in PYG, surpassing last year’s issuance by USD 100 mln. The PYG 10-year bond was issued at par with a 8.5% coupon.