Brazil's Bndes announces benchmark-sized 10-year note deal through Morgan Stanley, Citigroup

By Aaron Hochman-Zimmerman

New York, May 20 - Banco Nacional de Desenvolvimento Economico e Social (Baa2/BBB-) announced a benchmark-sized 10-year senior unsecured offer, according to a market source.

Morgan Stanley and Citigroup will act as bookrunners for the Rule 144A and Regulation S deal.

On June 16 the proceeds from the notes will be used to buy back and exchange the new notes for the Bndes notes sold in 1998.

The bonds will be in default if government ownership falls below 50%.

Bndes is a Rio de Janeiro, Brazil-based government-run development bank.

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