Interbank Leans on CS for MT100 Funds

Peru’s Interbank has secured $200m in MT-100 future flow securitization in a highly private transaction that resembles a loan more than it does a bond issue. Credit Suisse, the underwriter, took the majority of the 7.5% 7-year notes onto its own books, a person close to the issuer tells LatinFinance. Interbank had been rumored to be seeking $150m in the MT100 market, along with compatriot bank issuer BCP, which is in the process of placing $150m via Wachovia and Standard Chartered. BBVA Continental is also heard to be bringing a $200m issue via Sumitomo Mitsui in July. These future flows deals are usually placed privately with institutional investors and insurance companies. Interbank also recently pulled a $200m 3-year syndicated loan from the market when would-be lenders declined to take tickets in the deal, demanding higher margins. An executive close to the issuer says the bank will look to satisfy that financing need with issuances in the local bond market and an international sale of notes. Credit Suisse is a likely underwriting candidate for any future cross border business, given its commitment to Interbank through the MT100 deal.