Interbankthe leading Peruvian bank and part of the Intercorp Financial Services holding, placed subordinated bonds in international markets for US $ 350 million.
In an environment of high volatility, the bonds were successfully placed at a fixed rate of 6.4%, with the least historical spread for Interbank in a subordinate bonus. The demand came from investors in Latin America, the United States, Europe and Asia, exceeding the size of the issuance by more than 3.7 times, exceeding 1.3 billion dollars.
For this, meetings with more than 60 local and international investors were organized, thanks to the management of Goldman Sachs & CLC, JP Morgan Securities LLC and Santander Uss Capital Markets LLC.
The success of the placement demonstrates the constant interest that exists in international markets in Peru, and in particular by Interbank, given its financial solidity and confidence in its management.
The period of the issuance is 10.25 years with a rescue option from the fifth year, in compliance with the standards stipulated by the Banking Superintendence and Insurance for this type of debt instruments. The bonds were placed within the framework of an international broadcast under rule 144-A and/or regulation of the US Securities Act of 1933 and received a classification of BAA3 by Moody’s and BB+ by S&P.
Being an emission of subordinated bonds, these instruments allow strengthening the effective equity level 2 of the bank. Thus, the funds collected will be used mainly to finance the execution of the purchase option of “4.0% Fixed-To-Fixed Rate Subordinated Notes Due 2030” issued by the bank, which is in force until July 2025.
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