New Issue: Banco do Brasil prices R$350 million 10-year issue at par to yield 9¾%

By Aaron Hochman-Zimmerman

New York, July 17 - Banco do Brasil sold a R$350 million 10-year senior unsecured offering (Baa3) at par to yield 9¾%, according to source close to the deal.

The deal hit the wide end of the initial talk set at 9½% to 9¾%.

BB Securities and Merrill Lynch were the bookrunners for the Rule 144A and Regulation S deal, which priced Friday.

Interest payments on the 10-year notes will be converted into dollars.

The Brasilia, Brasil-based state-owned bank will use the proceeds from the sale for general corporate purposes.

Issuer: Banco do Brasil

Amount: R$350 million

Issue: 10-year senior unsecured notes

Maturity: July 18, 2017

Coupon: 9¾%

Price: Par

Yield: 9¾%

Bookrunner: Merrill Lynch, BB Securities

Pricing date: July 13

Settlement date: July 18

Distribution: Rule 144A, Regulation S

Rating: Moody's: Baa3

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