Peru’s Cofide Brings $150m Loan

Peruvian development bank Cofide has launched a $150m loan to general syndication. The deal is a 3-year amortizing step-up with an average life of 2.5 years. It pays Libor plus 150.0bp in year one, 162.5bp in year two and 175.0bp in year three, with commitment fees of 25bp-35bp depending on ticket size. Average tickets are heard at $10m. Barclays and Standard Chartered have joint books. Cofide has a number of social programs it is seeking to fund. It is 90% owned by the Peruvian government, rated BBB minus by Fitch and BB+ by the other two agencies. CAF has a 2% stake.