Banco Votorantim Targets Mid 7s

Brazil’s Banco Votorantim is out with 7.5% area yield guidance on a new Tier 2 bond, set to price as early as today. The bank plans “benchmark” size, which generally means at least $500m. It was due to have limited investor meetings Monday and today, after having visited the buyside on a more extensive “non-deal” roadshow in December. Bank of America-Merrill Lynch, Banco do Brasil, Deutsche Bank and Itau are managing the sale, which will raise funds for general corporate purposes.