BCP Draws a Crowd

BCP Draws a Crowd

Peru Bonds Structured Finance

Banco de Credito del Peru (BCP) priced Thursday a $350m 15NC10 subordinated Tier 2 bond (Baa3/BBB) at par to yield 6.875% or UST+489.5bp, coming in line with earlier guidance and at the tight end of low 7 whispers. With BCP’s senior bonds due 2020 trading at 5.5%-5.7%, sub 7 was considered too tight for some and barely sufficient to provide a new issue premium, “This deal came in too tight,” says a LatAm credit analyst. The book shrunk to around $700m from $1bn once leads squeezed

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