Industrial Heard Wrestling with Hybrid

Industrial Heard Wrestling with Hybrid

Central America Structured Finance

An eerie silence about Guatemala’s Banco Industrial’s 2068 hybrid Tier-1 capital issue leaves bankers at competing shops assuming the worst. The exact amount of the Ba3/B+ rated Reg S issue was not specified, but a size of $30m was rumored to have placed with locals, well shy of the $100m expected. A coupon in the low 9% area was expected for the first 10 years, after which the interest floats at fixed spread above Libor. Despite captive demand from Guatemalan investors, pricing may ha

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