Latin America: Banco do Brasil

Issuer: Banco do Brasil
Size of deal: $1.5 billion
Date of issue: Oct 13, 2009
Maturity: Perpetual (first call Dec 31, 2020)
Rating: Baa3 (Moody’s)
Pricing: 8.5% coupon (518.8bp over UST, step-up to 778.2bp in year 11)

Bookrunners: BB Securities, Citi, JP Morgan

Banco do Brasil’s $1.5 billion transaction in October 2009 was the first perpetual issuance by a Latin American institution since Lupatech’s deal in early 2008 and the largest ever bond issue by the bank. The deal also represented the first

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