Itau Adds Tier 2 Debt

Itau Adds Tier 2 Debt

Brazil Bonds

Itau has raised $1.7bn in 2023 Tier 2 bonds, seeing orders north of $6.5bn. The Brazilian bank priced the unsecured subordinated notes at par with a 5.125% coupon, to yield in line with 5.125%-5.250% guidance. The bonds traded up 0.45-0.75 points in the grey Monday afternoon, according to an investor. Itau was seen as opting for size over pricing, offering investors a decent concession versus levels on its outstanding 2021 and 2022 Tier 2 bonds. “The deal priced 30bp cheap to the existing curve,

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