Interbank Set for Hybrid

Interbank has given 8.625%-area yield guidance for its new Hybrid security, expected to price today. A roadshow was set to finish Thursday pitching the step-up junior subordinated NC10 notes due 2070, and pay a fixed coupon for the first 10 years, before switching to a floating rate. Proceeds from the transaction will raise funds for the Peruvian bank’s Panama branch, according to rating agencies, with the debt transferred there after it receives an operating license. Bank of America Merrill Lynch and JPMorgan are managing the sale, rated Ba3/BB.