Cruzeiro Offers Haircut, Awaits Buyer

Cruzeiro Offers Haircut, Awaits Buyer

Brazil Corporate & Sovereign Strategy

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 due to fraud. The FGC is offering $560 cash per $1,000 principal for Cruzeiro’s 8.00% 2012 bonds. It is also offering $510 per $1,000 for its 7.00% 20

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial