BBVA leads USD 400 million bond issuance for Marcobre in international markets

BBVA CIB acted as Lead Joint Bookrunner on Marcobre’s inaugural international bond issuance, supporting the Peruvian mining company’s financial strategy and optimising its capital structure.

Marcobre S.A.C., one of Peru’s leading mining companies, has successfully completed its debut international bond issuance with a USD 400 million senior unsecured note. The transaction marks the company’s first entry into the international debt markets and was met with strong investor demand, achieving an oversubscription of 7.25x and total orders of USD 2.9 billion.

The bonds, maturing in January 2036, were priced at par with a 5.750% coupon. Despite being a first-time issuer in international markets, Marcobre secured more favourable pricing than its parent company, Minsur, an outcome that underscores the confidence of global institutional investors. The bonds were rated BB+ and BBB-, and were structured under New York State law.

“This transaction marks a milestone in Marcobre’s financial strategy, strengthening its credit profile and consolidating its access to international markets. At BBVA, we are honoured to have supported the company at every step, reaffirming our long-term commitment to the development of Peru’s mining sector,” said Víctor M. Gordillo, Head of Coverage & Sustainability CIB at BBVA in Peru.

This issuance follows a USD 300 million syndicated loan signed just a few weeks earlier, in which BBVA acted as Joint Lead Arranger, Bookrunner and Administrative Agent. That transaction also achieved significant oversubscription and enabled Marcobre to extend its debt maturity profile while broadening its banking relationships.

This new transaction further strengthens BBVA’s position as a strategic partner to the Peruvian mining sector, supporting initiatives that enhance its financial profile, improve access to international capital markets, and contribute to the sustainable development of the industry in the country.