Santander Brazil Places $300m DPR Securitization

Santander’s Brazilian unit Banespa has sold $300m in 2014 bonds backed by electronic payment rights. The issue for Brazil Foreign Diversified Payment Rights Finance is a securitization through a true sale of Santander’s current and future diversified payment rights (DPRs). The A minus transaction was privately placed at a floating rate. The bank did not disclose the interest rate it paid. In May, Santander sold $190m in 2015 DPR notes from the same program at a fixed spread.