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Montevideo Carrasco Airport

Investment evaluation

The images below show the real trades of some of our clients or the balances of the property accounts of some of our clients, while IMPERIUM FINANCE s.r.o. does not guarantee that the same or higher appreciation will result from the trading of every investor. Investing is always associated with risks, which the investor should first familiarize himself with, e.g. through the document "Investment services, investment instruments and risks related to them", which is available  here . Please also note that the evaluations below are based on gross performance. In order to obtain a net return, it is necessary to take into account the influence of all costs associated with investing, see, for example, a sample calculation of business costs, which is available here . The net investment return may also be affected by the tax regime, which depends on the individual circumstances of each investor and may change in the future. If the investment instrument listed below is denominated in a foreign currency, the presented valuation also refers to this currency and the return on the investment in the investor's currency may be affected by exchange rate fluctuations.


Purchase date


Status as of today




Current investment volume

Profit/Loss in % 

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Montevideo Carrasco Airport

Parent company Corporacion America Airports SA operates a network of 52 airports worldwide, making it   the largest airport operator. The number of passengers transported in 2019 was  84 million.

Uruguay's main and only major airport is located about 18 kilometers east of the capital Montevideo and is home to the airline  ALAS Uruguay . From the airport, flights are mainly to neighboring countries, but also to Madrid, Miami or Paris.

The terminal is modern and has a very interesting architectural design. It is fully sufficient for the number of connections and is comfortably spacious even at peak times. Opening hours are 24 hours a day.

Complete information

ACI Airport Sudamerica SA
The name of the issue
ACI Airport Sudamerica, 6.875% 29Nov2032
US dollar $
Emission volume
200,000,000 USD

The face value of the bond

1000 USD

Indicative market price



250 USD
Coupon from face value
6.875% p.a
Coupon payout frequency

Due date

Quarterly payment

 100% liquidity

Minimum volume

Yield to Maturity 

10.56% pa - before taking into account all costs

Preferred scenario

38.28% pa - before taking into account all costs
Hierarchy of debt
Senior secured
You can find the prospectus for the bonds here:
6.875% Senior Secured Guaranteed Notes due 2032 - Prospectus


The Fitch rating agency reacted to Covid-19 first by lowering the rating to BB (still a notch above the company Sazka as), then they moved the company up a notch again, on 29.5.2020 to BB+ rating . Before the pandemic, the company enjoyed a BBB- rating, i.e. it fell into the highest debt band with the lowest level of risk and the possibility to almost rule out non-payment of the bond. We expect it to regain this rating once it starts flying more (2021). 

aeropuerto de carrasco
Hierarchy of debt

Debt is  senior secured and in addition in class  1st lien . In the event of company bankruptcy, it is the first to be paid in full. Even so, we do not expect any decline.

hierarchie dluhu

Possibility of early convening

The bond has the possibility of early call by the issuer at the prices shown in the table below. The yield in 2022 would thus even reach 23.7% pa from purchase to its call.

aeropuerto de carrasco

Bond summary

The bond was trading at $1100 (110% of face value) before Covid-19, we are currently able to get it around $780. We believe the debt is undervalued and expect the price to rise back to $1050 (+34% appreciation + coupon).


After the so far very successful "travel" series of bonds (easyJet, MTU Aero Engines, Royal Caribbean, United Airlines, AeroDos), we are still looking for imbalances in the debt market where interesting results can be achieved while taking a lower risk than is usual for such returns.

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