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Going the DPR Route

Apr 1, 2008

Brazilian banks are taking shelter from the cross-border storm by privately placing bonds backed by future foreign payment receivables, or DPRs. Bankers and lawyers familiar with the structure say other large Brazilian financial institutions are waiting in the wings to bring similar transactions.


In the first week of March, Bradesco placed $500 million in 2014 notes at Libor plus 60 basis points via Bank of Tokyo Mitsubishi. Days earlier, Banco do Brasil offered $250 million in 2014 notes at 55 basis points over Libor in a transaction managed by BNP Paribas. Brazilian banks are no strangers to this type of transaction when the markets are down. Bradesco placed similar $400 million and $500 million transactions in August and November, respectively. For Banco do Brasil, this...

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