Scotia Peru Plans DPR

Scotiabank Peru is preparing a $250m diversified payment rights (DPR) securitization, which should come by mid-February. The 7.00-year amortizing deal with a 4.83-year average life will be floating rate, according to a banker managing it. The transaction is backed by rights to electronic payment orders intended for payment to third party beneficiaries via Scotia Peru, such as trade financing or remittances, according to ratings report from Fitch, which assign an A mark. Credit Suisse is managing the sale. DPR transactions – favored by Latin banks during times when dollar funding is challenging – have slowed in the last 6-9 months as the bond markets have reopened up. The last deal in the region was a $100m 5-year and 10-year from Santander Brazil in August 2009, according to Dealogic.