Standard Bank London has launched and placed a short-term note issue for Banco Bradesco SA, Brazil. The deal, for which Standard Bank London and Banco Bradesco SA Grand Cayman branch are acting as joint lead managers, was originally announced as a US$50mn note issue on January 3, 2002 with a yield range of 6.375% pa to 6.625% pa.
Strong demand from Standard Bank’s client bases across Europe and the US (offshore) coupled with favourable market conditions provided the necessary momentum to increase the deal size to US$250mn and price the transaction at the lower end of the indicative yield range. The notes are being issued under Banco Bradesco’s US$1.5bn Global Medium Term Note Programme and are due to settle January 14, 2003.
Banco Bradesco is Brazil’s largest private sector bank with approximately R$140 billion in total assets. Bradesco covers the whole of Brazil with 2,928 agencies and more than 1,775 banking service posts. It leads the market in insurance, leasing, capitalisation and private pension plans.