Private banks bid for Brazil’s Safra in Swiss

Private banks bid for Brazil’s Safra in Swiss

Bonds

Brazil’s Banco Safra on Thursday sold a CHF350m ($394m) 2017 bond, hitting the Swiss market the same day as Banco de Chile marketed a dual-tranche bond. The deals did not overlap because they attracted a different investor base, according to sources. The Brazilian lender is rated Baa2/BBB/BBB, while the Chilean is in the A bracket. “Banco Safra, given its rating, was predominantly picked up by private banking and wealth management,” said a banker. “Banco de Chile was picked up by institutional i

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