Brazil's Banco BVA could cancel planned dollar bullet notes due 2013

By Christine Van Dusen

Atlanta, Nov. 12 - Brazil's Banco BVA SA is postponing and possibly canceling its planned dollar-denominated offering of bullet notes due 2013 (expected ratings: B2//B-), a market source said Friday.

BCP Securities and UBS were the bookrunners for the Regulation S-only deal, which was talked at a yield in the 7½% area.

Proceeds were to be used for general corporate purposes and for credit portfolio growth.

The decision comes amid news that fellow Brazilian lender Banco Panamericano SA has taken a government bailout and faces criminal charges for accounting inconsistencies.

Banco BVA is a lender based in Rio de Janeiro.

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