Brazilian Port Operator Advances CP

Port administrator Santos Brasil has received regulatory approval for a BRL200m promissory note issue, according to the CVM. The 360-day paper pays the DI plus 4%. Itau is managing the sale, rated A-2 on a national scale. Proceeds will be mostly used to participate in auctions for new concessions within the next year in the southern, northern and northeastern regions of Brazil. Santos Brasil operates the port of Santos, in Sao Paulo state, and other ports in Brazil.