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    Nicolas Riva • Bank of America

    Nicolas Riva's questions to Itau Unibanco Holding SA (ITUB) leadership

    Nicolas Riva's questions to Itau Unibanco Holding SA (ITUB) leadership • Q2 2025

    Question

    Nicolas Riva from Bank of America asked about the announced call of two AT1 instruments, questioning if they would be replaced and seeking clarification on why the announcement mentioned an impact on Tier 2 capital.

    Answer

    CFO & Member of Executive Committee Gabriel Amado de Moura clarified there is no impact on Tier 2 capital from calling the AT1s. He explained the move was a liability management exercise, enabled by successful local AT1 issuances. He stated there are no short-term plans for new international AT1 issuance, as the bank is comfortable with its AT1 ratio converging to around 1.3%, below the 1.5% regulatory cap.

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    Nicolas Riva's questions to Itau Unibanco Holding SA (ITUB) leadership • Q4 2024

    Question

    Though unable to connect, Nicolas Riva from Bank of America was expected to ask about the bank's strategy for exercising calls on its Tier 1 and Tier 2 debt instruments.

    Answer

    CEO Milton Maluhy Filho pre-emptively answered, stating that decisions to exercise calls on subordinated debt are made on a case-by-case basis, considering the economic aspects of each specific tranche. He confirmed that the bank has exercised calls on some instruments but not others, and will announce future decisions as they are made.

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    Nicolas Riva's questions to Itau Unibanco Holding SA (ITUB) leadership • Q2 2024

    Question

    Nicolas Riva asked for the bank's intentions regarding the upcoming call options on its Tier 2 bonds in November and its AT1 bonds, which are callable at each coupon date.

    Answer

    CEO Milton Maluhy Filho stated that for the AT1 bonds, the decision remains economic; it would cost at least 100 basis points more to issue new debt, so the call is not being exercised. For the Tier 2 bonds, he clarified that a final decision has not been made. The bank is analyzing market conditions for a potential new issue and is mindful that the bonds lose capital treatment if not called.

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    Nicolas Riva's questions to Intercorp Financial Services Inc (IFS) leadership

    Nicolas Riva's questions to Intercorp Financial Services Inc (IFS) leadership • Q4 2024

    Question

    Nicolas Riva from Bank of America asked about Interbank's plans for the call option on its 2030 Tier 2 bonds, especially in light of the recent issuance of new 2035 bonds.

    Answer

    Executive Luis Castellanos López-Torres provided a direct confirmation, stating that the company plans to execute the call on the 2030 bonds and that this was the intended use of proceeds from the new issuance.

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    Nicolas Riva's questions to Credicorp Ltd (BAP) leadership

    Nicolas Riva's questions to Credicorp Ltd (BAP) leadership • Q4 2024

    Question

    Nicolas Riva from Bank of America asked about the company's refinancing plans for BCP's callable Tier 2 bonds due in 2030 and Credicorp's holding company bond maturing in June.

    Answer

    CFO Alejandro Perez-Reyes stated that the company plans to let the $500 million holding company bond mature without refinancing it, as there is no current need for that debt. Regarding BCP's Tier 2 bonds, he mentioned that the company is currently assessing its capital management options and will announce a decision to the market in due course.

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