Brazilian Utility Plans 1-Year Paper

Six subsidiaries of Brazilian utility CPFL Energia plan to issue a combined total of BRL495m in promissory notes, CPFL says. The 360-day notes are expected to pay interest at 118% of DI. Funds raised from the operation will be used for the 6 units’ working capital. HSBC is managing the sale, rated A1 on a national scale and still pending regulatory approval.