BCP Preps DPR Sale

Banco de Credito del Peru is preparing to sell bonds backed by diversified payment rights (DPR), according to a person familiar with the transaction. The exact size has not been determined, but DPR deals in LatAm are typically under $400m. The bank plans to issue floating rate bonds due 2017 with a 3-year average life, and 2022 fixed-rate bonds with a 7-year average life. The 144A/RegS bonds have an A/A rating and are expected to be priced the week of June 25. Standard Chartered and Wells Fargo are managing the sale.