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.
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