Reverse Inquiry Drives Bradesco Tap

Banco Bradesco plans to sell $250m in a 2013 bond, with pricing expected today. Yield guidance of 165bp over UST, plus or minus 5bp, emerged yesterday on the transaction, which is heard motivated by reverse inquiry. Proceeds from the Baa2/BBB sale are marked for general corporate purposes. Bank of America Merrill Lynch, Espirito Santo, Bradesco and HSBC are managing the sale, conducted through Bradesco’s Cayman Islands branch.