IRB schedules local bond sale

IRB schedules local bond sale

Debenture Capital Markets Corporate & Sovereign Strategy Economy & Policy Rule 476 Brazil Latin America

Brazilian reinsurance company IRB Brasil Re said Tuesday that it received board approval to issue BRL900 million ($160 million) in debentures in the local market to meet higher liquidity requirements. IRB will sell the new notes in two parts on October 15, expecting to price one series at the DI interbank lending rate plus 3.35% and another at a fixed rate of 6.15% or the IPCA consumer price index plus 3.85%, whichever is higher, the company said in a securities filing. IRB did not say how much

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