Intercorp Tests High-Yield Appetite

Intercorp Tests High-Yield Appetite

Peru Bonds

Peru’s Intercorp Retail Trust (IRT) priced a $300m 2018 bonds Monday after watching the book grow to some $650m in size. The deal generated its fair share of interest given it was one of the few sub-investment grade credits to hit the LatAm market in recent months. Investors had fretted about IRT’s credit metrics – total adjusted debt to Ebitdar of around 5 x—as well as its holdco status, but its ability to get a deal done in what remains an uneasy backdrop holds out hope for

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