Peru has approved a placement of $493 million in sovereign bonds, The Wall Street Journal reports. The exchange, which will extend the maturities of its outstanding debt, will be handled by Banco de la Nacion.

The authorization is for swapping sovereign bonds maturing in August 2011 for bonds coming due in August 2017 and August 2026. The newly placed bonds will be settled on November 26.

Click here for the story from The Wall Street Journal.