CMAC Cusco's First Program of Negotiable Deposit Certificates

Estudio Echecopar, member firm of Baker & Mckenzie International, advised Banco Internacional del Perú S.A.A. - Interbank as Structuring Agent and Inteligo Sociedad Agente de Bolsa S.A. as Placement Agent in Caja Municipal de Ahorro y Crédito Cusco S.A.´s (CMAC Cusco) First Program of Negotiable Deposit Certificates for an amount of up to S/ 100,000,000.00 in circulation.

On July 21st, 2020, the Peruvian Superintendence of the Stock Market (SMV), approved the registration of the First Program of Negociable Deposit Certificates of CMAC Cusco and its framework prospectus, in the Public Registry of the Stock Market.

The team that advised Interbank and Inteligo was led by Alonso Miranda, partner; Janett Burga, senior associate and Andrea Cáceres, Mid-Level associate.

This transaction brings a new issuer from the financial sector to the securities market, that has the fourth largest market share among Municipal savings and loans banks. One particular aspect of this deal was that the fulfillment of the requirements to obtain the SMV´s approval occurred during the State of Emergency and the national quarantine, both imposed due to the COVID-19 pandemic. The milestone set was met thanks to the engagement of the parties involved and the active presence of the SMV.