Peru: Morning News Roundup – Friday March 7

Peru ‘Little Mermaid’ walks at first day of school

Peru’s "Little Mermaid" walked at her first day of kindergarten on Thursday, more than two years after she captured the Andean country’s attention when doctors performed a risky surgery to separate her fused legs. Milagros Cerron, 4, whose first name means "miracles" in Spanish, was born with a rare defect called Mermaid syndrome, or sirenomelia, which is often deadly. She is thought to be one of just three survivors of the disorder in the world. "We never thought she would go to school," said Dr. Luis Rubio, one of the surgeons who have cared for her since infancy. "Normally babies like her die within 72 hours of birth." (Reuters – click here to read complete article)

Never fear, there is a simple solution to this Peruvian misunderstanding

By now, most of you have undoubtedly heard of the ongoing saga regarding Yale and the government of Peru. The issue at hand is the liberation of several thousand artifacts from Peru in the early 1900’s by the fearless Yale explorer Hiram Bingham III, for whom several buildings around campus, including Connecticut Hall, are named. He is, without a doubt, the greatest man to ever pass through Yale, but the controversy, no thanks to the reckless and inconsiderate government of Peru, continues to rage on. For those of you who don’t know the specifics of the affair, the long and short of it is this: in 1911, the valiant Hiram Bingham III and a merry band of Yale archaeologists voyaged south to Peru. While there, they set about constructing the ancient city of Macchu Pichu, with the intent of making it a themed amusement park for thousands of middle- to upper-class white tourists wearing silly hats and cargo pants. (Yale Daily News – click here to read complete article by Daniel Zier)

Peru reels under heavy floods

A landslide in the hills surrounding the village of Caserio Sachavaca, in the Amazonian Huanuco State of Peru, killed seven people on Thursday after heavy rains battered the area. The victims included three adolescents, between 15 and 16 years of age, the manager of the Civil Defence of the Regional Government of Huanuco said. He said that firemen were still in the process of recovering bodies of victims buried under the mud. The heavy rainfall also destroyed at least four houses. Huanuco’s civil defence authorities said they immediately sent aid to the disaster-hit region and evacuated the victims. According to a Peruvian Civil Defence report, the severe weather, which has swept through the country has already killed 16 people and driven about 1700 people from their homes. (AP – click here to see article)

Peru’s Interbank Launches $200m Loan

Interbank, the Peruvian retail bank, is out with a $200m 3-year amortizing loan via Standard Chartered. The deal, now being shopped to MLAs, offers Libor plus 80bp in year one, 85bp in year two and 95bp in year three. Interbank is rated BB, and follows Banco de Credito del Peru, which recently raised $410m, upsized from $300m, at 70bp, 75bp and 85bp over Libor with the same structure. BCP was flexed up by 20bp from levels established last year prior to launch in early January. (Laitn Finance)

Novel Peruvian LNG Project Syndicating

American developers Kelley International and Ichor LNG and Peruvian sponsor Inversiones Wineca have closed an $82m 6-year construction loan for the Irradia land-based LNG project outside Lima. Lead WestLB brought in two banks to the private syndication, and seeks to bring in up to two more. The 300,000 gallons-per-day plant will receive natural gas from the Camisea pipeline, and liquefy it for distribution via trucks to industrial users who lack pipeline access. The $102m project is the first of its kind in LatAm, following similar facilities Kelley has built in the US, say the leads. (Laitn Finance)

Scotiabank Passes on New Peruvian Venture

Scotiabank has informed the Peruvian authorities and Grupo Altas Cumbres (GAC), the parent company of Banco del Trabajo that it will not be exercising its option to acquire shares in the Peruvian bank, the shop announced. The Canadian bank already has a presence in the Andean country through retail banking and other financial services. (Laitn Finance)