Parana Banco Plans $100m Bond

Brazil’s Parana Banco plans to raise $100m through the sale of 2011 bonds. The niche bank specializing in payroll discount lending expects to begin a US and European roadshow soon, pending regulatory approval, according to an official at the bank. S&P has rated the notes B+, reflecting a strong record in the bank’s niche market, but also the growth challenges it faces within that market. Dresdner is managing the transaction. The bank raised BRL604.8m in a June 2007 IPO.