Banco de Crédito del Perú priced its first international bond of 2026, LatinFinance reported on 7 October. The transaction comprised US dollar-denominated subordinated notes structured as Tier 2 capital. Fitch Ratings had assigned the proposed issue an expected BBB- rating one day earlier. The agency said a final rating would depend on receiving documents that materially conformed with the information it had reviewed.
LatinFinance described the transaction as BCP's first international bond issue this year. Fitch's pre-pricing assessment said the amount, rate and tenor would be set during issuance. The public portion of the LatinFinance report did not disclose those final terms. BCP is Peru's largest commercial bank and provides corporate, retail and investment-banking services.
CAPITAL RANKING AND CREDIT PROFILE
Fitch said the notes would rank equally with BCP's other parity obligations. They would sit above existing and future junior obligations and share capital, but below the bank's senior obligations. Proceeds were designated for general corporate purposes.
The expected debt rating is two notches below BCP's bbb+ viability rating, reflecting loss severity on the subordinated instrument. Fitch did not apply additional notching for non-performance risk because the notes lack extra loss-absorption features. The agency said BCP's issuer ratings reflect its market position, diversified business model, asset quality, profitability, capitalisation and funding strategy.
FINAL DOCUMENTS WILL COMPLETE THE TRANSACTION PICTURE
The pricing moves the issue beyond the proposed stage covered by Fitch's initial assessment. It also returns BCP to the international bond market during 2026, according to LatinFinance. The transaction adds a subordinated funding instrument intended to qualify within the bank's Tier 2 capital structure.
For investors, the final documentation will determine the definitive size, coupon, tenor and other terms that were not available in the cited public summaries. Fitch's final rating is also conditional on those documents matching the material it reviewed. Publication of the final terms and rating is therefore the next milestone to watch.