BCP Prices in Wilting DCM

BCP Prices in Wilting DCM

Peru Structured Finance

Banco de Credito del Peru has sold a $250m subordinated bond, upsizing from a planned $225m on the back of about $1.2bn in demand. The 2069 NC10 priced at par to yield 9.75%. The 60-year junior subordinated security will pay a 9.75% coupon through the first 10 years, and switch to a Libor-based interest rate thereafter. “This is Peru’s top bank, and there’s also a scarcity factor,” says a participating EM investor explaining the demand. Bank of America-Merrill Lynch and JPMor

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