Banco Voto eases to dual tranche bond return

By Oliver West
19 Sep 2019

A change in CEO slightly delayed Banco Votorantim’s return to bond markets but the Brazilian bank had no trouble finding demand when it announced a dual tranche on Tuesday nearly two weeks after the end of its roadshow.

Ba2/BB- rated Banco Votorantim, which is owned by the Votorantim conglomerate and state-owned lender Banco do Brasil, set initial price thoughts at low to mid-4% area for a new senior unsecured three year, and mid to high-4% for a new five year.

These maturities suited Votorantim’s business, which is ...

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