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Banco do Brasil raises US$2 billion in biggest ever debt offering

18 Fevereiro 2013

The New York and São Paulo offices of Clifford Chance LLP and Brazil’s Campos Mello Advogados have helped Banco do Brasil in a US$2 billion debt issuance – the largest ever made by the government-owned financial institution.

The issuance of 6.25 per cent perpetual subordinated securities by Banco do Brasil, Brazil’s largest bank, closed on 31 January. The New York and São Paulo office of Davis Polk & Wardwell LLP, Brazil’s Pinheiro Neto Advogados and Cayman firm Maples and Calder advised the lead underwriters: BB Securities, Barclays Capital, Banco BTG Pactual - Cayman Branch, BNP Paribas Securities, HSBC Securities (USA), Merrill Lynch, Pierce, Fenner & Smith Incorporated and Standard Chartered Bank.

The issuance follows a US$1.9 billion debt offering last October, which saw both Banco do Brasil and the underwriters retain the same counsel.

The transaction was structured in keeping with the upcoming Basel III guidelines, which will impose tighter capital and liquidity rules on banks globally. The guidelines were originally scheduled to be implemented in January, but Central Bank leaders from around the world obtained a delay in response to fears that the regulations could slow down the global economic recovery.

Fonte: Latin Lawyer