By Aleesia Forni
Virginia Beach, Va., Sept. 20 - Brazil's Banco Nacional do Desenvolvimento Economico e Social SA (BNDES) priced $2.5 billion of senior unsecured notes due in 2016 and 2023 (Baa2/BBB/BBB), according to a source away from the trade.
The deal included $1.25 billion 3 3/8% notes due 2016 priced with a spread of Treasuries plus 275 basis points, or 99.774 to yield 3.455%.
The second tranche totaled $1.25 billion 5¾% notes due 2023 that sold at Treasuries plus 300 bps. Pricing was at 99.887 to yield 5.765%.
Deutsche Bank, Itau BBA and JPMorgan were the bookrunners for the Rule 144A and Regulation S deal.
The proceeds will be used to finance the company's lending program.
BNDES is an economic and social development bank based in Rio de Janeiro.
| Issuer: | Banco Nacional do Desenvolvimento Economico e Social SA
|
| Issue: | Senior unsecured notes
|
| Amount: | $2.5 billion
|
| Bookrunners: | Deutsche Bank, Itau BBA, JPMorgan
|
| Trade date: | Sept. 19
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
| Fitch: BBB
|
| Distribution: | Rule 144A, Regulation S
|
| Marketing: | Roadshow
|
|
|
| Three-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | 2016
|
| Coupon: | 3 3/8%
|
| Price: | 99.774
|
| Yield: | 3.455%
|
| Spread: | Treasuries plus 275 bps
|
|
|
| 10-year notes
|
| Amount: | $1.25 billion
|
| Maturity: | 2023
|
| Coupon: | 5¾%
|
| Price: | 99.887
|
| Yield: | 5.765%
|
| Spread: | Treasuries plus 300 bps
|
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