Two financial flows deals have recently closed in Latin America, hailing from different corners of the region. Touted as the largest debt issue by a Peruvian financial institution, Banco de Credito del Peru closed a $280 million, two tranche securitization of diversified payment rights on Nov. 29 via sole lead Standard Chartered. The bulk went to the A tranche, which came in at $230 million, with a final maturity of seven years and an average life of 5.5. Wrapped by Ambac, the A series priced to yield 23 basis points over one-month Libor, according to a source close to the deal.
The B tranche was sized at $50 million, with a final maturity of four years and an average life of 3.5. The coupon was 60 basis points over one month Libor; the final yield was not disclosed as of press time. Both Reg S and 144-A registered, the deal went to European and U.S. investors.