Interbank Plots Hybrid

Banco Internacional del Peru (Interbank) is planning a $150m subordinated bond due 2070, according to a Moody’s report assigning a Ba3 mark. The non-cumulative fixed/floating rate step-up junior subordinated notes transaction will raise funds for Interbank’s Panama branch, Moody’s says, with the debt transferred there after it receives its operating license. JPMorgan and Bank of America Merrill Lynch, who ran a $250m hybrid transaction for compatriot BCP last year, are heard to have been tapped to manage.