Investors Take Shine to Novel BB Perp

Investors Take Shine to Novel BB Perp

Brazil Bonds

Banco do Brasil raised $1bn Thursday through a hybrid Tier-1 NC11 bonds, becoming the first LatAm issuer to test drive a new Basel III compliant structure. The deal could be used as a template for other financial institutions as they prepare to adapt to a new regulatory environment. The BB rated non-cumulative junior subordinated perp generated a book of $6bn plus before pricing at par to yield 9.25%. This came after leads gradually guided expectations lower from high 9 whispers, to 9.5% area gu

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