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v3.21.1

BONDS AND NOTES ISSUED (Tables) | 12 Months Ended
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Dec. 31, 2020
BONDS AND NOTES ISSUED |
Schedule of detailed information of bonds and notes issued | a) This item consists of the following:
|  |  |  |  |  | 2020 |  | 2019
|  | Annual interest rate |  | Interest payment |  | Maturity |  | Issued amount |  | Carrying amount |  | Maturity |  | Issued amount |  | Carrying amount
|  | % |  |  |  |  |  | (000) |  | S/(000) |  |  |  | (000) |  | S/(000)
Senior notes - BCP (i) |  | 4.25 |  | Semi-annual |  | April 2023 |  | US$716,301 |  | 2,552,985 |  | April 2023 |  | US$716,301 |  | 2,318,975
Senior notes - BCP (ii) |  | From 4.65 to 4.85 |  | Semi-annual |  | September 2024 |  | S/2,900,000 |  | 2,469,832 |  | October 2020 / September 2024 |  | S/2,900,000 |  | 2,872,355
Senior notes - BCP (iii) |  | From 2.70 to 5.38 |  | Semi-annual |  | January 2025 |  | US$700,000 |  | 2,453,353 |  | September 2020 / January 2025 |  | US$1,074,628 |  | 3,464,199
Senior notes - Credicorp Ltd. (iv) |  | 2.75 |  | Semi-annual |  | June 2025 |  | US$500,000 |  | 1,737,139 |  | - |  | — |  | —
Senior notes - BCP (v) |  | Libor 3M + 100 pb |  | Quarterly |  | March 2021 |  | US$70,000 |  | 253,412 |  | March 2021 |  | US$70,000 |  | 231,738
Senior notes - BCP (vi) |  | 0.42 |  | Semi-annual |  | August 2021 |  | ¥5,000,000 |  | 175,087 |  | August 2021 |  | ¥5,000,000 |  | 151,888
Senior notes - BCP (x) |  | Libor 3M + 55 pb |  | Quarterly |  | March 2022 |  | US$30,000 |  | 108,479 |  | - |  | — |  | —
MMT 100 - Secured notes- CCR Inc. (vii) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
2012 Series C Floating rate certificates |  | 4.75 |  | Monthly |  | July 2022 |  | US$315,000 |  | 257,996 |  | July 2022 |  | US$315,000 |  | 385,253
Corporate bonds - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fourth program |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Tenth issuance (Series A, B and C) - BCP |  | From 5.31 to 7.25 |  | Semi-annual |  | December 2021 / November 2022 |  | S/550,000 |  | 527,794 |  | December 2021/ November 2022 |  | S/550,000 |  | 527,868
Fifth program |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Third issuance (Series C) - BCP |  | 4.25 |  | Semi-annual |  | July 2022 |  | S/109,310 |  | 108,980 |  | July 2022 |  | S/109,310 |  | 108,821
Third issuance (Series A) - BCP |  | 4.59 |  | Semi-annual |  | July 2021 |  | S/70,770 |  | 69,178 |  | July 2021 |  | S/70,770 |  | 63,430
Third issuance (Series D) - BCP |  | 3.88 |  | Semi-annual |  | August 2022 |  | S/42,660 |  | 42,456 |  | August 2022 |  | S/42,660 |  | 42,337
Third issuance (Series B) - BCP |  | 4.88 |  | Semi-annual |  | October 2021 |  | S/42,200 |  | 42,169 |  | October 2021 |  | S/42,200 |  | 29,183
First issuance (Series D) - BCP |  | 5.91 |  | Semi-annual |  | - |  | - |  | — |  | January 2020 |  | S/182,410 |  | 182,061
|  |  |  |  |  |  |  |  |  | 790,577 |  |  |  |  |  | 953,700
|  |  |  |  |  | 2020 |  | 2019
|  | Annual interest rate |  | Interest payment |  | Maturity |  | Issued amount |  | Carrying amount |  | Maturity |  | Issued amount |  | Carrying amount
|  | % |  |  |  |  |  | (000) |  | S/(000) |  |  |  | S/(000) |  | S/(000)
Subordinated bonds - BCP (viii) |  | From 3.13 to 6.13 |  | Semi-annual |  | April 2027 / July 2030 |  | US$1,144,700 |  | 4,028,266 |  | April 2027 |  | US$720,000 |  | 2,383,860
Subordinated bonds - BCP (ix) |  | 6.88 |  | Semi-annual |  | September 2026 |  | US$181,505 |  | 651,176 |  | September 2026 |  | US$476,120 |  | 1,549,702
Subordinated bonds - |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First program |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
First issuance (Series A) - Pacífico Seguros |  | 6.97 |  | Quarterly |  | November 2026 |  | US$60,000 |  | 217,260 |  | November 2026 |  | US$60,000 |  | 198,840
First issuance (Series A) - BCP |  | 6.22 |  | Semi-annual |  | May 2027 |  | S/15,000 |  | 15,000 |  | May 2027 |  | S/15,000 |  | 15,000
Second program |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Second issuance (Series A) - Pacífico Seguros |  | 4.41 |  | Semi-annual |  | December 2030 |  | US$50,000 |  | 164,784 |  | - |  | — |  | —
First issuance (Series A) - Mibanco |  | 8.50 |  | Semi-annual |  | May 2026 |  | S/100,000 |  | 100,000 |  | May 2026 |  | S/100,000 |  | 99,934
First issuance (Series B) - Mibanco |  | 7.22 |  | Semi-annual |  | June 2027 |  | S/30,000 |  | 30,000 |  | June 2027 |  | S/30,000 |  | 30,000
Third program |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issuance II - Banco de Crédito de Bolivia |  | 5.25 |  | Semi-annual |  | August 2022 |  | Bs137,200 |  | 73,546 |  | August 2022 |  | Bs137,200 |  | 66,782
Issuance III - Banco de Crédito de Bolivia |  | 6.00 |  | Semi-annual |  | August 2030 |  | Bs100,000 |  | 53,278 |  | - |  | — |  | —
Issuance I - Banco de Crédito de Bolivia |  | 6.25 |  | Semi-annual |  | August 2028 |  | Bs70,000 |  | 37,295 |  | August 2028 |  | Bs70,000 |  | 33,816
|  |  |  |  |  |  |  |  |  | 691,163 |  |  |  |  |  | 444,372
Negotiable certificate of deposit - Mibanco |  | From 1.20 to 5.80 |  | Annual |  | January 2021 / November 2024 |  | S/1,385 |  | 1,385 |  | January 2020 / January 2024 |  | S/997 |  | 997
Subordinated negotiable certificates - BCP |  | Libor 3M + 279 bp |  | Quarterly |  | November 2021 |  | US$2,960 |  | 10,718 |  | November 2021 |  | US$2,960 |  | 9,809
|  |  |  |  |  |  |  |  |  | 16,181,568 |  |  |  |  |  | 14,766,848
Interest payable |  |  |  |  |  |  |  |  |  | 137,839 |  |  |  |  |  | 179,515
Total |  |  |  |  |  |  |  |  |  | 16,319,407 |  |  |  |  |  | 14,946,363
During the first quarter of 2018, in accordance with the risk exposure strategy of the interest rate, the Group discontinued the fair value hedge of certain bonds, issued in U.S. Dollars at a fixed rate, through the liquidation of the IRS. The accumulated profit of the fair value of these bonds at the time of the liquidation of the derivatives amounted to US$22.0 million (equivalent to S/71.7 million), recorded in the liability, which has been transferred to the consolidated statement of income up to the date of maturity of said bonds. As of December 31, 2020, the liability amounts to US$2.6 million, equivalent to S/9.4 million, (US$8.7 million, equivalent to S/28.8 million, as of December 31, 2019). The amount recorded in the consolidated statement of income during the year 2020 amounts to US$6.1 million, equivalent to S/21.2 million (US$7.8 million, equivalent to S/26.0 million, during the year 2019). (i) The Bank can redeem the total or part of the notes in any time, having as a penalty an interest rate equal to the Treasury of the United States of America’s rate plus 50 basis point. The payment of principal will take place on the due date of the notes or when the Bank redeems these notes. (ii)In September 2019, the Bank announced a repurchase offer and propose an exchange to the holders of senior notes of the S/2,000 million issued in October of 2017, managing to repurchase S/291.2 million and exchanging S/1,308.8 million with new senior notes, at market rates , whose terms and conditions are very similar to the previous issue. At the end of said offer, the Bank keeps a notional value payable amounting to S/400.0 million, which was fully redeemed in October 2020. At the same date, the Bank issued senior notes for approximately S/2,500.0 million (this amount includes the S/1,308.8 million of the exchange mentioned in the paragraph before). The Bank can redeem the whole or part of the senior notes between October 17, 2021 and August 16, 2024, at a redemption price equal to or greater than: (i) 100 percent of the aggregate principal amount of the notes, and (ii) the sum of the present value of cash flows discounted at interest rate equivalent to sovereign bonds issued by the government of Perú or other comparable titles plus 25 basis points. As of August 17, 2024, the Bank may redeem all or part of the senior notes at a redemption price equal to 100 percent of the aggregate amount of the principal to be redeemed. The payment of principal will take place on the due date or when the Bank redeems the notes (iii) In September 2019, the Bank announced a repurchase offer and propose an exchange to the holders of senior notes of the US$ 800.0 million issued in September of 2010, managing to repurchase US$220.3 million and exchanging US$205.0 million with new senior notes, at market rates , whose terms and conditions are very similar to the previous issue. At the end of said offer, the Bank keeps a notional value payable amounting to US$374.6 million, which matured in September 2020. In the same way, in September 2019, the Bank issued senior notes of approximately US$700 million (that amount includes the US$205.0 million of the exchange mentioned in the paragraph before). The Bank can redeem all or part of the notes at any date, between October 11, 2021 and December 10, 2024, at a redemption price equal to or greater than: (i)100 percent of the aggregate principal amount of the notes to be redeemed; and (ii) the sum of the present value of each remaining scheduled payment discounted at interest rate equal to the Treasury of the United States of America’s rate plus 20 basis points. From December 11, 2024 onwards, the Bank can redeem the total or part of the notes to a redemption price equal to 100 percent of the aggregate principal amount of the notes to be redeemed. The payment of principal will take place on the due date or when the Bank redeems the notes. At December 31, 2020, the Bank maintains a CCS which was designated as cash flows hedges of a part of senior notes in U.S dollars subject to exchange rate risk for a notional amount of US$50.0 million, equivalent to S/181.1 million (US$50.0 million equivalent to S/165.7 million, as of December 31, 2019), see note 13(b). By means of the CCS, the cover part of senior notes was economically converted to soles. (iv) In June 2020, Credicorp Ltd. issued Senior Notes for approximately US$500.0 million, equivalent to S/1,810.5 million as of December 31, 2020 at fixed interest rate, whose maturity date is on June 17, 2025. These Senior Notes can redeem the whole or part mainly by the following ways (i) at any time prior to May 17, 2025, make whole or partial call, at Treasury plus 40 basis points, and (ii) at any time on or after May 17, 2025, at par value. The payment of principal will take place on the due date or when Credicorp Ltd. redeems the notes. In December 2020, the Group designated as a hedge of a net investment of a foreign operation a portion of these bonds issued for approximately US$135.4 million, equivalent to S/490.3 million, which hedges by the same amount the exposure of the net investment in the subsidiary Atlantic Security Holding Corporation (ASHC), established in Cayman Islands and whose functional currency is the US dollar, see note 34.2(b)(ii). This hedge covers the fluctuation in the exchange rate risk associated with the conversion of the net investment held in ASHC to the Group’s functional currency (Soles). (v) In February of 2019, the Bank issued Senior Notes for approximately US$70.0 million, equivalent to S/253.5 million as of December 31, 2020 (US$70.0 million equivalent to S/232.0 million as of December 31, 2019) at variable rate, whose maturity date is on March 5, 2021. At December 31, 2020, the cash flows of these Senior Notes maintained covered by an IRS designated as cash flows hedge, for a notional amount of US$70.0 million, equivalent to S/253.5 million (US$70.0 million equivalent to S/232.0 million as of December 31, 2019), see note 13(b). By means of the IRS, the note was economically converted to a fixed interest rate. (vi) In July of 2019, the Bank issued Senior Notes for approximately JPY5,000.0 million, equivalent to S/175.3 million as of December 31, 2020 (JPY5,000.0 million, equivalent to S/152.5 million as of December 31, 2019) at fixed interest rate, whose maturity date is on August 2, 2021. At December 31, 2020, the cash flows of the notes issued in yen subject to exchange rate risk have been hedged through a CCS designated as a cash flow hedge, for a notional amount of JPY5,000.0 million, equivalent to S/175.3 million (JPY5,000.0 million, equivalent to S/152.5 million as of December 31, 2019), see note 13(b). By means of the CCS, the note was economically converted to soles. (vii) This issue is guaranteed by the future collection of electronic payment orders sent to BCP (including foreign branches) through the Society Worldwide Interbank Financial Telecommunications, through which the correspondent bank uses the network to places orders of payment to beneficiary that is not a financial institution. (viii) The Bank as of the year of 2022 will pay a three-month Libor plus 704.3 basis points. Between April 24, 2017 and April 24, 2022, the Bank can redeem the whole or part of the bonds having a penalty of an interest rate equal to the Treasury of United States of América’s rate plus 50 basis points. Also, as of April 25, 2022 or at any date after interest payment, the Bank can redeem all or part of the bonds without penalty. Payment of the principal will take place on the due date of the bonds or when the Bank redeems them. In July 2020, The Bank repurchased US$294.6 million from the total US$476.1 million outstanding amount of “6.875% Fixed- to-Floating Rate Subordinated Notes due 2026”. Also, the Bank repurchased US$224.9 and exchanged US$200.4 million from the total US$720 million outstanding amount of “6.125% Fixed-to-Floating Rate Subordinated Notes due 2027” Also, on July 1, 2020, the Bank issued Subordinated Notes under the Medium-Term Bond Program for a total amount of US$850.0 million at a semi-annual coupon rate of 3.125 percent maturing in July 2030 under the name of “3.125% Subordinated Fixed-to-Fixed Rate Notes due 2030 (Callable 2025)”. On July 1, 2025, the Bank may redeem all or part of the notes at a redemption price equal to 100% of the aggregate amount of the principal of the notes to be redeemed. From now on, the Bank may redeem all or part of the notes at a redemption price equal to the higher of (1) 100% of the principal amount of the notes and (2) the sum of the remaining cashflows discounted at a rate equivalent to the US Treasury interest rate plus 45 basis points. The payment of principal will take place on the due date or when the Bank redeems the notes. (ix) The Bank as of September 16, 2021, will pay a three-month Libor plus 770.8 basis points. Between the dates of September 16, 2016 and September 15, 2021, the Bank can redeem the whole or part of the bonds, having a penalty of an interest rate equal to the Treasury of United States of America´s rate plus 50 basis point. Also, as of September 16, 2021 or at any time after at the payment of interests, the Bank can redeem the whole or part of the bonds without penalties. The payment of the principal amount will take place on due date or in the redemptions of them. (x) At December 31, 2020, the Group maintains an IRS for a notional amount of US$30.0 million, equivalent to S/108.6 million, see note 13(b), which was designated as cash flows hedge of a corporate bond issued in US dollar at a variable rate. By means of the IRS, this bond was economically converted to a fixed interest rate.
Schedule of detailed information of balances of bonds and notes issued by maturity | b) The table below shows the bonds and notes issued, classified by maturity, without accrued interests:
|  | 2020 |  | 2019
|  | S/(000) |  | S/(000)
Up to 3 months |  | 291,866 |  | 182,365
From 3 months to 1 year |  | 547,325 |  | 1,739,358
From 1 to 3 years |  | 3,294,335 |  | 1,438,732
From 3 to 5 years |  | 6,714,223 |  | 4,863,708
More than 5 years |  | 5,333,819 |  | 6,542,685
Total |  | 16,181,568 |  | 14,766,848

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