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Peru's Future-Flow Trailblazer

Jul 1, 2003

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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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management