Banco do Brasil braves markets but is denied US success

18 Nov 2011

Banco do Brasil toughed out testing market conditions on Wednesday to raise $500m of long five year funding at record low levels. However, attempts to expand the borrower’s buyer base in the US fell foul of eurozone-inspired volatility.

Bankers close to the deal said Brazil’s state controlled lender had hoped to attract US high grade investors by opting for 3(a)(2) exemption, a format rarely used by emerging market issuers that requires enhanced disclosure but confers index eligibility. "It’s something they wanted to pursue in order to ...

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