Brazil Midcap Bank Upsizes Bond

Brazil’s Banco Cruzeiro do Sul has raised $175m from a dollar bond issue, upsizing the deal from a planned $150m. The 2012 notes priced at 98.7 with an 8.0% coupon to yield 8.5%, in line with expectations. More than 100 institutions made up the roughly $200m book, according to a banker on the Ba2 deal. BCP Securities managed the sale. The issue is the second this year from a $1bn program, following a $60m June placement of 2011 notes yielding 9.75%, also through BCP.