Interbank Maps Roadshow

Peru’s Interbank plans to begin marketing Tuesday a $150m hybrid bond. It will start in Switzerland and Singapore, visiting London and Hong Kong before finishing Thursday in Boston and New York. The step-up junior subordinated NC10 notes due 2070 pay a fixed coupon for the first 10 years, before switching to a floating rate. Proceeds from the transaction will raise funds for Interbank’s Panama branch, according to rating agencies, with the debt transferred there after it receives an operating license. The securities will likely be recognized by Peru’s regulators as Tier 1, says Fitch, which assigns 100% equity credit. Bank of America Merrill Lynch and JPMorgan are managing the sale, rated Ba3/BB. Interbank’s last dollar issue was a $121m 2016 MT100 bond sold last year.