Scotia Peru Sets Target

Scotia Peru Sets Target

Peru Bonds

Scotiabank Peru has given 5%-area guidance for a new $400m 2027 NC10 Tier 2 bond, according to sources following the sale. The Bank of Nova Scotia subsidiary is scheduled to wrap up its roadshow today, as it seeks funds to strengthen its capital. The 15-year subordinated step-up bonds have a fixed coupon for 10 years and then revert to a floating rate. The Baa2/BBB+ credit is being comped against Banco de Credito del Peru’s (Baa3/BBB minus) $350m Tier 2 2027 NC10 bond, trading to yield around 4.

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