BBVA Readies Bond

BBVA Continental is preparing a benchmark-sized 2020 issue. The deal is whispered at UST (2.72% yesterday) plus 287.5bp area, according to an investor following it. The Peruvian bank is expected to price this week, possibly as soon as today, according to bankers on it. BBVA, Credit Suisse and Deutsche Bank are managing the sale, rated BBB/BBB minus. It follows the $200m Continental raised in September through the issue of 7.375% of 2040 NC10 step-up bonds. The bank is raising funds for general corporate purposes.