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Brazil's Itau Unibanco plans full redemption of 8.7% securities
By Toni Weeks
San Diego, June 14 - Itau Unibanco SA , a subsidiary of Itau Unibanco Holding SA, intends to issue a call to fully redeem its $500 million of 8.7% perpetual non-cumulative junior subordinated securities issued by Unibanco-Uniao de Bancos Brasileiros SA on July 29, according to a press release.
The Bank of New York Mellon is the trustee.
The redemption is part of the company's permanent liability management and capital optimization process. The Sao Paulo-based lender said it will continue to evaluate opportunities to further this process.
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