Interbank is looking across the border. Barclays Capital has snagged a mandate from the Peruvian bank for what promises to be the country’s first securitization of electronic money receivables sold into the market, according to sources familiar with Interbank. With Mayer Brown Rowe and 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 kicks of later this week; pricing is scheduled for the summer. The structure will resemble the MT-100 transactions that have streamed out of Brazilian banks over the last few years. The asset base should be more diversified than recent Brazilian deals however, said a source. “A significant portion is coming from exports, but also from tourism services and other sectors,” he said. Banco de Credito Peru (BCP) closed a US$100-million deal backed by diversified payment rights in early 2001, but that transaction was dropped into a conduit.
Fitch Ratings has Interbank’s foreign currency long-term and short-term ratings at ‘BB-‘ and ‘B’, respectively. Over the last two years, Interbank has simultaneously grown and boosted its financial performance, according to the agency. It operates a network of 89 branches. The bank ranks fourth in size in Peru’s concentrated sector overall, and second in the number of credit-card holders.