By Wendy Van Sickle
Columbus, Ohio, Dec. 5 – Brazil’s Itau Unibanco Holding SA priced $1.25 billion of 6 1/8% perpetual tier 1 subordinated notes at par, according to a Tuesday press release.
The coupon will fixed for the first five years, then will be reset every five years based on the prevailing rate for U.S. Treasury bonds for the same period.
After five years, the notes are callable on any interest payment date.
Itau Unibanco is a lender based in Sao Paulo.
| Issuer: | Itau Unibanco Holding SA
|
| Amount: | $1.25 billion
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| Maturity: | Perpetual
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| Description: | Tier 1 subordinated note
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| Coupon: | 6 1/8% for five years, then reset every five years based on prevailing rate for U.S. Treasury bonds
|
| Price: | Par
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| Yield: | 6 1/8% for first five years
|
| Call: | On any interest payment date after five years
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| Trade date: | Dec. 5
|
| Settlement date: | Dec. 12
|
| Ratings: | Moody’s: B2
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
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