Estudio Echecopar, member firm of Baker McKenzie International, acted as Peruvian legal counsel to Banco Internacional del Peru S.A.A. ("Interbank") in connection with the issuance of its "7.625% Subordinated Notes due 2034" (the "Notes") under Rule 144-A and Regulation S of the U.S. Securities Act of 1933. The transaction involved the participation of BofA Securities and J.P Morgan as joint bookrunners, as well as Bank of New York Mellon as trustee. The issuance was successful and Interbank was able to issue Notes for a total amount of USD 300 million whose proceeds were used for the tender of existing subordinated notes denominated “6.625% Fixed-to-Floating Rate Subordinated Notes due 2029”.

Partner Alonso Miranda and associate Adrian Tovar advised Interbank during the whole process, including the approval that had to be obtained from the Superintendencia de Banca, Seguros y AFP (SBS). This was the first issuance of subordinated notes by Interbank under the new subordinated debt regulations issued by the SBS, which came into effect on January 2023.