Brazilian Developers Bring Debenture Debuts

Brazilian regulators have approved developer Trisul’s issue of BRL200m in 2013 debentures. The notes, rated A on a national scale, pay interest at the DI rate plus 2.5%. The offer marks the debut debenture issue for Trisul, formed from the merger of real estate companies Tricury and Incosul. The developer plans to use proceeds to acquire new property and for working capital. Bradesco is managing the transaction. Separately, regulators also approved a BRL300m 2013 debenture issue from fellow developer MRV. The issuer plans to define the rate on the AA minus notes this week. The transaction is the first debenture sale for MRV, led by Itau. It plans to acquire new property with the proceeds.