Buyside Still Hot for BdB Perp
Banco do Brasil (BdB) has sold $2bn in new tier 1 perpetual NC11 bonds, as investors put in for $16.3bn in orders. The Basel III-compliant non-cumulative junior subordinated security mimics the breakthrough bond the Brazilian bank sold and retapped in 2012. Approximately 600 accounts participated, with the issuer getting $4.5bn demand in the early hours from the Asian buyside ahead of opening to European and the US accounts. “The view is that this deal is...
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