In November 2000, Peru's government pitched into chaos as
Alberto Fujimori fled to Japan and faxed his resignation to
Congress after a decade in office. The Peruvian Congress swore
in an interim government.
Even so, Banco de Crédito del Perú, the
country's largest private-sector bank, managed to raise $100
million just two months later with a bond backed by its inflows
of hard currency electronic transfers. This was the first time
a bank issued such a bond. BCP had first issued a securitized
bond in 1998 by setting up a master trust backed by future
flows of overseas credit card receivables. In the 1990s,
several Latin American and...
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