BCP prices T2 tight to senior on $3bn book

Peru, nuevo sol, currency, LatAm, money, notes, 575
By Oliver West
29 Jun 2020

Peru’s largest commercial lender Banco de Crédito del Perú (BCP) raised $850m of 10-year non-call five tier two bonds on Friday, offering what some bankers saw as a slim pick-up to its senior debt on the back of a nearly four times subscribed order book.

Bookrunners Bank of America, Citi, Credicorp and JP Morgan had spent the week speaking to local, regional and international bond investors, having launched a tender offer for $1.196bn of existing subordinated bonds maturing in 2026 and 2027. Just two weeks ago, parent company ...

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