Caixa sets Basel III foothold

Caixa sets Basel III foothold

Bonds

Caixa Economica Federal (CEF) broke new ground on Wednesday, pricing the first Basel III tier two bond from Brazil. BB Securities, Bank of America-Merrill Lynch, Bradesco, BTG Pactual, Deutsche Bank and HSBC were heard to sell the 7.25% $500m 10 non-call five bond at par after taking some $2bn in orders. The yield came at the middle of initial price thoughts of low-to-mid 7%, and in line with guidance of 7.25% heard at launch. A mix of institutional and retail investors was heard to participate.

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