Cruzeiro do Sul Sells 2-Year Notes

Brazil’s Banco Cruzeiro do Sul has sold $60m in bonds, in the first Brazilian midcap cross-border offering in nearly a year. The 2011 notes priced at 98.666 with a 9.000% coupon, to yield 9.750%. The Ba2 transaction via BCP was offered mostly to private banks, according to a banker on the sale. Brazil’s medium-sized banks were active issuers in the first half of 2008, with Parana Banco selling $35m in 2010s at the end of July. Cruzeiro pulled a bond discussed in the $100m size area with a 3-year tenor in July 2008, also through BCP. In April 2008, Cruzeiro successfully issued $110m in 7.38% of 2010 bonds through BCP and UBS.