Following its cross-border credit card deals of 1995 and early 1999, Banco de Credito del Peru (BCP) is getting ready to test the asset-backed waters again, this time with a securitization of electronic remittances.
"As the biggest Peruvian bank, BCP wants to test the acceptance of new assets in the market," said a source working on the transaction. "They have a very good name from their previous transactions and wanted to try and tap other sources if financing."
The deal, expected to hit the market in April, is rumored to be in the $150 million to $200 million range and will be managed by ING Barings. The offering will be insured by MBIA-Ambac and will consequently receive triple-A ratings from Standard & Poor's and Moody's Investors Service.
ING declined to comments on the specifics of the transaction.