Brazil’s Banco Safra To Sell $200 Million in Global Real Notes

Banco Safra, of Brazil, plans to issue $200 million worth of real-denominated notes as part of its $3 billion medium-term note program. The bonds mature in 2017 and interest will be issued from the bank’s Cayman branch. Interest on the notes, which Fitch expects to rate BB+, is payable in dollars but could also be paid in reais under certain circumstances. UBS is leading the deal and Banco Brasil will be co-manager.