Cruzeiro Eyes New USD Bond

Brazil’s Banco Cruzeiro do Sul is readying a $150m 3-year cross-border bond, according to a banker managing the sale, in a transaction likely to come mid-September. The Ba2 rated mid-size payroll lending specialist expects to pay a yield in the 8.50% area. BCP Securities is running the Reg S transaction. In June, Cruzeiro became the first mid-size Brazilian bank to issue in nearly a year, with a $60m sale of 9.00% notes priced to yield 9.75%, also via BCP.