Banco de la Nación issued subordinated bonds for PEN 250 million.
Banco de la Nación, a state-owned financial institution with an important role in the financial activities performed by various Peruvian governmental entities, has issued subordinated bonds for PEN 250 million through a public offering in the domestic market. Banco de la Nación is a first-time issuer and its First Program of Subordinated Bonds was registered with the Peruvian Capital Markets Superintendence for an amount of up to PEN 550 million. The demand for the bonds was more than twice the amount offered and placed and the interest rate was set at 8%. The proceeds from the placement of the bonds will be used in activities that form part of the issuer’s corporate business. The bonds will have a term of 15 years and will be considered as Tier 2 capital for Banco de la Nación, as authorized by the Peruvian Superintendence of Banks, Insurance companies and Private Pension Funds Administrators.
BBVA Banco Continental acted as structuring agent and Continental Bolsa S.A. SAB acted as placement agent.
Miranda & Amado Abogados advised Banco de la Nación while Estudio Lazo, De Romaña & CMB Abogados advised BBVA Banco Continental.
Counsel to Banco de la Nación
Counsel to BBVA Banco Continental.