Banco de Credito del Peru is returning to the market with a deal backed by diversified payment rights, and this time the originator is terming out to 10 years on a final basis.

This would make the $100 million deal the longest ever wrapped bond from Peru, according to a market source.

Standard Chartered is the sole lead and Ambac is providing a wrap, giving the deal a triple-A rating from Standard & Poor's and Moody's Investors Service.

The Peruvian bank closed a $280 million, two-tranche securitization of DPRs on Nov. 29, also via Standard Chartered. The wrapped A tranche of that transaction was seven years.

The upcoming deal is slated to close in March. As with the prior transaction, proceeds will go to fund the bank's mortgage origination.

(c) 2006 Asset Securitization Report and SourceMedia, Inc. All Rights Reserved.

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