Santander Files for Bovespa BDR

As expected, Santander has filed to issue Brazilian depository receipts on the Bovespa. Documents detailing the issue were not available late Friday, but timing indicates the Spanish bank could price its offering sometime in September. Banks heard tapped to lead the offering include Santander, BofA-Merrill, Credit Suisse and UBS Pactual. The rationale behind the issue is to allow Santander’s Brazil bank, which is among the country’s top 3 private sector institutions, to be able to finance itself, says a banker familiar with the situation. Having stock would also give Santander currency with which to acquire other banks.