Peru’s BCP to Hit the Road

Banco de Credit del Peru (BCP) has mandated Bank of America Merrill Lynch and Morgan Stanley to arrange fixed-income investor meetings in Europe, the US and Latin America starting next week. The size of the deal has yet to be determined though a 144A/RegS may follow if market conditions permit. Investor meetings kick off on August 31 with scheduled stops in Switzerland on Monday, in Los Angeles and London on Tuesday before wrapping up in Boston and New York on Wednesday. The bank, established in 1889 is considered Peru’s oldest and largest bank, and is rated Baa2 and BBB by Moody’s and Fitch. BCP was last in the international markets in March when raised $700m in new 2016s that were priced at 98.815 with 4.75% coupon to yield 4.792% or UST+275bp. At the time BAML and JP Morgan acted as leads. BCP had been considering a global PES deal but opted for a USD issue instead.