Brazilian banks back as Voto brings AT1, Itaú lines up

Itau, Brazil
By Oliver West
30 Nov 2017

Banco Votorantim kicked off a run of issuance from Brazilian banks with a Basel III-compliant additional tier one perpetual non-call five deal on Thursday.

Taking advantage of strong appetite for high yield paper, Ba2/BB rated Votorantim announced initial price thoughts of mid to high 8% for its B2/CCC+ non-cumulative junior subordinated notes on Thursday.

Strong demand allowed the bank to launch the deal at 8% as GlobalCapital was going to press.

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