Peru's BCP and Mexico's BBVA Bancomer to issue new bonds
Peru's Banco de Credito del Peru (BCP) is expected to come to the bond market with USD and PEN deals. The bank's roadshow will take place on on 29 August-5 September. No details have been given regarding size, tenor or initial price guidance. However, these issues coincide with BCP's tender offer for its outstanding US$800mn 5.375% bonds due 2020 (Baa1/BBB+/BBB+), which trade at cUS$103.544 (ALLQ) to yield c1.90% (to worst) for a g-spread of 18bps and a z-spread of 14bps. Its US$200mn 5.35% subordinated bonds due 2029 trade at cUS$100.396 (ALLQ) to yield 5.26% (to call) for a g-spread of 385bps and an i-spread of 392bps.