A stir of activity in a petrified landscape, Banco Internacional del Peru (Interbank) plans to close a two-tranche structured deal for up to $150 million by the beginning of April.
The transaction collateralizes diversified payment rights (DPRs), an asset class the originator tapped last year.
Led by Deutsche Bank, the deal is understood to be heading to market investors although it will remain private. A non-retained deal might be a sign that there are tried-and-true asset classes that can still generate interest.
Standard & Poors has given both a seven-year tranche for up to $110 million and a 10-year tranche for up to $40 million a BBB rating, anchored in the banks ability to generate DPRs and the structures enhancement levels, including a healthy overcollateralization.
Interbanks payment order business rose 3.8% in 2008, a sharp slowdown from the 62.7% rise in 2007.
Coming out as it is in this economic climate, S&Ps assessment takes into account a bearish market for commodities which help drive DPRs as a major export sector and the severe recession afflicting developed countries.
Interbank reportedly issued a $200 million DPR deal via Credit Suisse in 2008.