By Aaron Hochman-Zimmerman
New York, May 29 - Banco Nacional de Desenvolvimento Economico e Social (Baa2/BBB-) priced $1 billion 10-year senior unsecured bonds at par with a coupon of 6.369%, according to a source familiar with the deal.
The deal priced with a spread of Treasuries plus 237.5 basis points.
Citigroup and Morgan Stanley acted as bookrunners for the Rule 144A and Regulation S deal.
On June 16, the proceeds from the notes will be used to buy back and exchange the new notes for the Bndes notes sold in 1998.
The bonds will be in default if government ownership falls below 50%.
Bndes is a Rio de Janeiro, Brazil-based government-run development bank.
| Issuer: | Banco Nacional de Desenvolvimento Economico e Social
|
| Amount: | $1 billion
|
| Issue: | Senior unsecured bonds
|
| Maturity: | June 16, 2018
|
| Coupon: | 6.369%
|
| Price: | Par
|
| Yield: | 6.369%
|
| Spread: | Treasuries plus 237.5 bps
|
| Bookrunners: | Citigroup, Morgan Stanley
|
| Pricing date: | May 28
|
| Settlement date: | June 4
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB-
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
