Interbank Upsizes Hybrid

Interbank Upsizes Hybrid

Structured Finance

Interbank has sold $250m in new 2070 hybrid NC10 notes, upsizing from $150m on about $1.5bn in demand. The Ba3/BB issue priced at par with an 8.500% coupon to yield the tight end of 8.625% area guidance. About 25% of the orders came from Peruvian and other LatAm investors, according to a banker on the deal. He also notes significant retail participation. The step-up junior subordinated NC10 notes are due 2070 and pay the fixed coupon for the first 10 years, before switching to a floating. Procee

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