BNDES To Issue Debentures

Brazil’s National Development Bank (BNDES) has filed with the country’s securities market regulator (CVM) to issue debentures via its investment unit BNDESPar. The Bank said it would issue at least $226 million worth of the local non-convertible bonds. The bonds will carry a maturity of six years and will pay an annual interest rate of IPCA plus 6%. In total, the Bank plans to issue $900 million worth of the paper over the next two years. This issuance would represent the first tranche in that program.