Swiss hesitate over Banco Pine debut

31 May 2012

Banco Pine, the Brazilian corporate lender, made its debut appearance in the Swiss franc market on Wednesday when it announced a conditional bookbuild. Although domestic investors are seeking diversification opportunities away from Europe now more than ever before, Banco Pine’s sub-investment grade rating and Latin American roots might prove too much to swallow for the Swiss investor base amid heightened worries over Eurozone peripheral sovereigns.

Sole co-ordinator UBS announced on Wednesday that Banco Pine would open books for its inaugural Swiss franc transaction if the lead could gather at least Sfr80m of interest by Friday. UBS had not opened books as of Thursday.

"People are not taking the time to look at the credit. ...

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