BTG defies Brazil boo-boys as AT1 perp hailed

By Oliver West
11 Sep 2014

Privately owned investment bank BTG Pactual sold only the second ever Basel III-compliant tier one bond from Brazil on Thursday, with the execution and pricing attracting a level of effusive praise rarely heard from rival bankers.

BTG had released initial price thoughts of 9% area on Tuesday for the perpetual non-call five bond, which was issued to lift the borrower’s capital ratio in the light of its cash-heavy purchase of Swiss bank BSI. The deal counted on an anchor commitment of $800m from ...

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