Awards for Excellence 2008: Peru

The rivalry between BBVA Banco Continental and Banco de Crédito del Peru (BCP) continues. This year BBVA Continental pips BCP at the post for best bank because of its innovative moves in the mortgage market, even though it is second in the rankings by total assets and loans. In December 2007, the bank issued a $25 million residential mortgage-backed securitization. This was the first issue of an authorized programme of $100 million, and the first RMBS operation in Peru. Two different securities, backed by the same SPV, were issued: senior instruments for $23.75 million, and junior instruments for $1.25 million. The demand for both these instruments reached $42 million, more than 70% over the amount offered – demand came from local institutional investors.