By Rebeca Melvin
New York, March 13 – Brazil’s Itau Unibanco Holding SA priced $750 million of 6½% perpetual tier 1 subordinated notes (expected ratings: B2//B) at par, according to a Tuesday press release.
Price talk on the notes was for a yield in the mid 6% area. The coupon will be 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.
Bookrunners were BofA Merrill Lynch, Banco Bilbao, BNP Paribas, HSBC and Itau Unibanco Holdings.
Itau Unibanco is a lender based in Sao Paulo.
| Issuer: | Itau Unibanco Holding SA
|
| Amount: | $750 million
|
| Maturity: | Perpetual
|
| Description: | Tier 1 subordinated note
|
| Bookrunners: | BofA Merrill Lynch, Banco Bilbao, BNP Paribas, HSBC and Itau Unibanco Holdings
|
| Coupon: | 6½% for five years, then resets every five years based on prevailing rate for U.S. Treasury bonds
|
| Price: | Par
|
| Call: | On any interest payment date after five years
|
| Trade date: | March 12
|
| Settlement date: | March 19
|
| Ratings: | Moody’s: B2
|
| Fitch: B
|
| Distribution: | Rule 144A and Regulation S
|
© 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.
