By Marisa Wong
Los Angeles, Nov. 14 – Itau Unibanco Holding SA priced $750 million of 10-year tier 2 subordinated notes (B1//B+) at par to yield 4½% on Wednesday, according to a press release.
The coupon will be fixed for the first five years, then will be reset based on the interest rate for U.S. Treasury bonds for the same period.
The Regulation S and Rule 144A notes are callable five years after issuance.
Itau Unibanco is a lender based in Sao Paulo, Brazil.
| Issuer: | Itau Unibanco Holding SA
|
| Issue: | Tier 2 subordinated notes
|
| Amount: | $750 million
|
| Maturity: | 10 years
|
| Coupon: | 4½%; after five years, resets to prevailing rate for U.S. Treasury bonds
|
| Price: | Par
|
| Yield: | 4½%
|
| Call option: | Five years after issuance
|
| Trade date: | Nov. 13
|
| Settlement date: | Nov. 21
|
| Ratings: | Moody’s: B1
|
| Fitch: B+
|
| Distribution: | Rule 144A and Regulation S
|
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