Brazil's Banrisul talks tap of 7 3/8% notes with 6.1% area yield

By Paul A. Harris

Portland, Ore., Nov. 26 - Brazil's Banco do Estado do Rio Grande do Sul (Banrisul) set yield guidance in the 6.1% area for an add-on to its 7 3/8% subordinated notes due Feb. 2, 2022 (expected ratings Ba1//BB-), a market source said on Monday.

The size of the add-on remains to be determined.

The deal is expected to price in the near term, the source added.

Banco Bradesco and JPMorgan are the bookrunners.

The original $500 million issue priced at 99.131 to yield 7½% in January 2012.

Proceeds from the Rule 144A and Regulation S deal will be used for general corporate purposes.

Banrisul is a banking company based in Porto Alegre, Brazil.

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