Brazilian Builder Eyes Debentures

Tenda is planning to sell BRL600m in 2014 bonds in the Brazilian market. The Brazilian builder expects to pay the TR rate plus 8%. Proceeds will be used to finance the construction of homes with a focus on lower-income housing, given the government’s recent announcement of the BRL60bn “Minha Casa, Minha Vida” low-income housing program. Tenda is rated BBB minus on a national scale.