New Issue: Peru's BBVA Banco Continental sells $200 million 7 3/8% step-up notes due 2040 at par

By Christine Van Dusen

Atlanta, Sept. 30 - Peru's BBVA Banco Continental SA priced $200 million tier one step-up notes due Oct. 7, 2040 (/BB/BBB-) at par to yield 7 3/8%, a market source said.

Credit Suisse and BBVA Securities were the bookrunners for the Rule 144A notes, which are non-callable and include a coupon step-up at Libor plus 680.2 basis points.

BBVA Banco Continental is a lender based in Lima, Peru.

Issuer:	BBVA Banco Continental SA
Amount:	$200 million
Maturity:	Oct. 7, 2040
Description:	Tier 1 notes
Bookrunners:	Credit Suisse, BBVA Securities
Coupon:	7 3/8%; steps up to Libor plus 680.2 bps
Price:	Par
Yield:	7 3/8%
Call features:	Non-callable
Trade date:	Sept. 30
Settlement date:	Oct. 7
Ratings:	Standard & Poor's: BB
	Fitch: BBB-
Distribution:	Rule 144A

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