Investors Crowd into Mivivienda Debut

Peru’s Fondo Mivivienda was heard with order books reaching $1bn late Wednesday for a new benchmark-size 2023 bond, and indicated a UST plus low-200bp yield target ahead of today’s expected pricing. The BBB rated Peruvian government-owned for profit financial institution that promotes mortgage financing plans to issue a minimum $500m in its cross-border debut, but is heard considering up to $800m. Leads on the deal are looking at Peruvian development bank Cofide’s 2022 bonds, trading to yield 3.36-3.40% Wednesday, as a comp. Proceeds are to be used for general corporate purposes. The issuer finished a three-continent roadshow Wednesday. Bank of America Merrill Lynch and Citi are managing.