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October 18, 2016

Banco de la Nación obtains the registration of its first program of subordinated bonds

Miranda & Amado advised Banco de la Nación, a state-owned bank that forms part of the Economy and Finance Sector of the Government of the Republic of Peru, in the structuring and registration with the Peruvian capital markets agency, of its First Subordinated Bond Program for a maximum issuance amount of S/ 550 million, and the first issuance to be conducted within the program for an amount of S/ 250 million. The registry was approved on September 14, 2016. BBVA Banco Continental acts as arrangers and Continental Bolsa SAB as placement agent. This is the first time that Banco de la Nación registers a program for the issuance of debt instruments. The bonds to be placed under the program will be Tier 2 redeemable subordinated bonds, therefore, they will be considered as part of the calculation of Banco de la Nación’s Tier 2 regulatory capital, in accordance with the authorization of the Peruvian banking regulator. The proceeds obtained by Banco de la Nación from the placement of the bods under the program  will be used to carry out activities belonging to its business purpose.

The following lawyers of Miranda & Amado participated in the transaction: partners Nydia Guevara Villavicencio, Juan Luis Avendaño Cisneros and associate Josué Jaen Palomino.