BCP Preps 2020 Bonds

Banco de Credito del Peru (BCP) is readying a benchmark-size 2020 bond. Peru’s largest bank, rated BBB/BBB minus, will meet investors in the US and UK Monday through Wednesday. Bank of America Merrill Lynch and Deutsche Bank are managing the sale, expected by the market to raise at least $500m. BCP’s last visit to the international DCM was a $250m 9.75% of 2069 hybrid, sold in November 2009, now trading around 7.0% yield-to-worst, according to Credit Suisse data. It is hoped that the deal would be the first of many before the end of the year offering investors diversification away from Brazil and Mexico.