BCP Lands Hybrid

BCP Lands Hybrid

Peru Bonds Structured Finance

Banco de Credito del Peru (BCP) generated about $1.4bn in orders for a new $350m Tier 2 2027 NC10 bond. The bank priced the Baa3/BBB minus fixed-to-floating rate subordinated notes at par with a 6.125% coupon to yield at the tight end of 6.25%-area guidance. After year 10, the interest rate switches to Libor plus an additional spread of at least 300bp. “It came at a good price,” says a banker away from the deal. In the end, the issuer managed to leave investors with a 12.5bp concession versus le

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