First Interstate offered Peru a debt swap deal.

First Interstate proposed that the heavily indebted South American nation repay $50 million it owes the Los Angeles bank with goods such as minerals, asparagus and textiles, a bank official said. The bank’s trading subsidiary had been holding talks with Peru since May on a deal that envisioned repayment of up to $20 million of the debt in 1987, with the rest to be repaid later. First Interstate has lent about $100 million to the country.