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Bradesco pays US standard to reopen LatAm FIG market

January 6, 2012 You can access the full text of this article on Euroweek website
Banco Bradesco attracted healthy interest for the first Latin American FIG transaction of the year on Thursday but failed to make a dent in the hefty concessions demanded of bank issuers by US institutional investors.

The Brazilian triple-B name paid a 50bp new issue premium to get away a $750m five year benchmark despite drawing $2.2bn of demand in less than two hours.

"We could have pushed through that level and we would have been able to hold the deal together, but it would have been mostly retail-driven," said one banker on the transaction. "Retail was still a significant holder of this bond but the concession did keep US accounts in the book and that’s what the issuer wanted."

He added that concerns from US institutional accounts were also instrumental in keeping the deal size down to $750m.

Banco Bradesco was slow to pull the trigger on the deal and marketing began at around 9am in New York, so pricing went straight to official guidance to ensure involvement from Europe, where price whispers are no longer permitted.
  • Status
  • Country of risk
  • Redemption (put/call option)
    *** (***)
  • Amount
    800,000,000 USD
  • М/S&P/F
    — / — / —