Guatemala’s Banco Industrial Preps DPR

Wells Fargo has clinched the mandate to bring a diversified payment rights (DPR) issue for Guatemala’s Banco Industrial. The borrower is thought to be aiming for an up to $100m size, with tenors of 7 to 10-years. The bank processed about $6.12bn in DPR flows in 2010, up from $2.96bn in 2015, according to Fitch, which is expected to assign a BBB rating to the debt offering. The issue is the third off an existing program that was established in 2005 and has already seen $258m in offerings. “The ratings on the notes primarily reflect BI’s prominent position within Guatemala’s banking system, the strength of the DPR flows and the relatively high expected monthly debt service cover ratios (approximately 63x),” the agency said.