Intercorp Perú has entered the international bond market with a benchmark USD 300 million 7-year senior unsecured offering. We initiate coverage with an Overweight recommendation, viewing the new issue as attractively priced relative to both the issuer’s existing curve and comparable Peruvian financial institutions. The company’s diversified operating platform, anchored by Intercorp Financial Services and InRetail, provides a solid credit foundation, while Peru continues to offer one of the strongest macroeconomic backdrops among Latin American investment-grade issuers. The principal risks remain structural subordination, double leverage at the holding-company level, and political uncertainty in Peru.