New Issue: Peru's Interbank sells $200 million step-up junior notes due 2070 at par to yield 8½%

By Christine Van Dusen

Atlanta, April 16 - Banco Internacional del Peru SAA (Interbank) priced $200 million 8½% step-up junior subordinated notes due April 23, 2070 (expected Ba3//BB) at par to yield 8½%, or 474 basis points over six-month Libor, according to a market source.

Bank of America Merrill Lynch and JPMorgan were the bookrunners for the Rule 144A and Regulation S offering, which is non-callable for 10 years.

Interbank is a financial institution based in Lima, Peru.

Issuer:	Banco Internacional del Peru SAA (Interbank)
Amount:	$200 million
Maturity:	April 23, 2070
Description:	Floating-rate step-up junior subordinated notes
Bookrunners:	Bank of America Merrill Lynch, JPMorgan
Coupon:	8½%
Price:	Par
Yield:	8½%
Spread:	Six-month Libor plus 474 bps
Call features:	Non-callable for 10 years
Trade date:	April 16
Settlement date:	April 23
Expected ratings:	Moody's: Ba3
	Fitch: BB
Distribution:	Rule 144A/Regulation S

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