Itaú prices tightest Brazilian AT1 on back of huge book
Brazil’s largest private sector bank, and probably the most robust lender in the country, jumped on a wave of enthusiasm for Brazilian credit to raise $1.25bn of additional tier one capital on Tuesday.
Ba3/BB/BB+ rated Itaú had on Monday announced initial price thoughts of mid-6% for a planned benchmark sized perpetual non-cumulative junior subordinated note, looking to become the second Brazilian financial institution to issue a Basel III-compliant AT1 in under a week.Bondholders had flocked to Banco Votorantim’s B/CCC+ rated $300m ...
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