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Cruzeiro Offers Haircut, Awaits Buyer

Aug 16, 2012

The Fundo Garantidor de Credito (FGC) administering Brazil’s Banco Cruzeiro do Sul is offering to buy back the troubled lender’s dollar bonds at about 49% of face value, it says, as part of a process to sell the bank. The FGC has launched an offer targeting $1.58bn in six series of Cruzeiro’s bonds and has disclosed a BRL2.24bn ($1.10bn) shortfall...

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“The greatest value in the next 12 months will be combination of corporates and local currency bonds”

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