Lead manager and bookrunner Standard Bank London has launched and placed a US$250mn short-term note issue for Banco Bradesco SA,
The deal is Standard’s second for Bradesco this year, having previously acted in the same capacity on a US$250mn nine-month note issue in January. Positive market sentiment for first tier Brazilian bank risk allowed Standard Bank to increase the size of the issue from an originally announced US$50mn to US$250mn (see GTR, Mar/Apr 2003, p60). The 15-month issue was priced to yield 5.25% pa, representing a considerable improvement over the pricing on the nine-month issue in January, which came to market at a yield of 6.375% pa.
The notes were issued under Bradesco’s US$1.5bn global medium-term note programme. Banco Bradesco Grand Cayman branch acted as co-lead manager.