Banco Pichincha sells receivables in private placement

Banco Pichincha sells receivables in private placement

Corporate & Sovereign Strategy Bonds Debt Fixed Income Capital Markets Ecuador Panama

Ecuadorian lender Banco Pichincha issued $300 million worth of seven-year, dollar-denomiated bonds backed by diversified payment rights (DPRs) in a private placement on Thursday, according to a source familiar with the deal. The new 2029 notes priced at par and carried a coupon of 9.95% with Goldman Sachs as the sole bookrunner to lead the sale, according to information from Bloomberg. Fitch assigned the notes a BB- rating, based on likelihood that the lender will remain in operation as the bond

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