Itaú prices tightest Brazilian AT1 on back of huge book

Itau, Brazil
By Oliver West
07 Dec 2017

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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