Interbank is looking across the border. Barclays Capital has snagged a mandate from the Peruvian bank for what promises to be the country's debut securitization of diversified payment rights (DPR) sold into the market, according to sources. With Mayer Brown Rowe & Maw as counsel, the originator aims to tap US$80 million in a seven-year final maturity, 4.1-year average life non-144A private placement. The roadshow kicked off late last week, and Fitch Ratings has rated the transaction a preliminary BBB-.'

The structure will resemble the MT-100 transactions that have streamed out of the Brazilian banking sector over the last few years. The asset base, however, should be more diversified than recent Brazilian deals, said a source. "A significant portion is coming from exports, but also from tourism services and other sectors," he said. A Fitch report cites capital flows and individual remittances such as foreign investment proceeds as other generators of receivables.

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