Brazil's Bicbanco to sell $100 million 10-year tier 1 notes

By Paul A. Harris

St. Louis, Feb. 21 - Brazil's Banco Industrial e Comercial SA (Bicbanco) plans to sell $100 million of 10-year tier 1 notes, according to market sources.

The initial guidance is 9¾% to 10¼%.

Dresdner Kleinwort Wasserstein has the books.

The notes come with five years of call protection and with a coupon step up after year five.

The notes are expected to be listed on the Swiss Stock Exchange.

Moody's Investors Service assigns its Ba3 issuer rating to Bicbanco and is expected to assign its B2 rating to the tier 1 notes.

Bicbanco is a privately owned niche Brazilian bank specializing in short-term secured corporate lending.

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