Interbank, a bank that is part of Intercorp Financial Services, announced the placement of subordinated bonds for US$300 million in international markets.

The bonds were placed at a fixed rate of 7.625% for the first 5 years. The term of the issue is 10 years with a redemption option in year 5, in compliance with the standards stipulated by the Superintendence of Banking and Insurance for this type of subordinated debt instruments.

The demand came from investors from Latin America, the United States, Europe and Asia, which exceeded the offered size of the issue by more than 3.4 times.

To this end, meetings were organized with nearly 60 local and international investors in the days prior to the transaction.

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The success of the placement demonstrates the interest that exists in international markets in Peru and in particular in Interbank, as well as a high degree of confidence in the bank’s prospects, the entity noted.

Being an issue of subordinated bonds, these instruments allow the bank’s effective assets to be expanded. Thus, the funds raised will be used to finance the settlement of the repurchase offer of the bonds called “6.625% Fixed-to-Floating Rate Subordinated Notes due 2029” issued by Interbank, which will be valid until January 11.

The balance of the amount will be used in its entirety to meet the repayment of the principal of such obligations, through the execution of a contractual repurchase option in March 2024.

The bonds were placed under Rule 144-A / Regulation S of the US Securities Act of 1933 and received a rating of Baa3 by Moody’s and BB+ by S&P. The structuring was carried out by Bank of America Merrill Lynch and JP Morgan.



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