Colombia, Banco do Brasil price new issues; emerging markets deal calendar builds

By Paul A. Harris

St. Louis, Oct. 13 - Colombia priced a $1 billion issue of 6 1/8% fixed-rate global notes (Ba1/BBB-/BB+) at a 200 basis points spread to Treasuries on Tuesday.

The notes came at a 99.597 reoffer price, resulting in a yield of 6.155%.

The spread printed on top of spread talk. The yield came in line with yield talk of approximately

6.15%.

Band of America Merrill Lynch and Goldman Sachs & Co. were joint lead managers.

Banco do Brasil $1.5 billion

Elsewhere in Latin American, Banco do Brasil, Latin America's largest bank, priced $1.5 billion of perpetual non-cumulative junior subordinated securities (Baa2) at par, with an 8½% yield to first call, on Tuesday, according to a market source.

The coupon steps up by 778.2 bps following the first call date.

Citigroup, JPMorgan and BB Securities were joint bookrunners.

Panamericano price talk

Meanwhile Brazil's Banco Panamericano SA set yield talk for its dollar-denominated offering of three-year senior unsecured notes (Ba2//) at 7¼% to 7½%.

The size of the deal remains to be determined.

The roadshow is scheduled to wrap up on Friday.

Banco Bradesco BBI, Banco Espírito Santo de Investimento and Banco Itau are joint bookrunners for the Regulation S offering.

State Bank of India to start roadshow

From the south Asian banking sector, the State Bank of India will start a roadshow on Wednesday in Singapore for its benchmark offering of five-year global bonds (Baa2/BBB-).

Barclays Capital, Citigroup, HSBC, JP Morgan and UBS AG are managing the Regulation S sale.

Odebrecht sets size, timing

In the emerging markets corporate arena, Odebrecht Finance Ltd. (Construtora Norberto Odebrecht SA) set a $300 million size for its offering of 10-year notes (/BB/BB+) on Tuesday.

The roadshow wraps up on Wednesday in Boston.

HSBC, Banco Santander and BB Securities Ltd. are lead managers. BNP Paribas is co-manager.

Proceeds will be used for general corporate purposes including equity investments in Odebrecht Group subsidiaries.

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