Interbank Nets $400m

Peru’s interbank has priced $400m in new 2020 bonds, as investors showed continued enthusiasm for ex-Brazil banks by placing about $2bn in orders. The nation’s third largest bank priced at 99.820 with a 5.750% coupon to yield 5.774%, or UST plus 325bp, the tight end of 337.5bp area guidance. “It offers a fair concession to BCP,” says a participating North American EM debt portfolio manager, who spots the pickup at about 50bp to the much larger Banco de Credito del Peru. The bond was trading up about 0.5 points Thursday afternoon, according to a trader. BCP had raised $800m in 2020s this month. Bank of America Merrill Lynch and JPMorgan managed the sale, rated Baa3/BB+/BBB minus. It was Interbank’s first bond since a $250m in new 2070 hybrid NC10 bond in April.