BicBanco Raises $275m

This week’s Brazilian bank debt bonanza has extended to institutions of all sizes, with BicBanco getting $275m from the sale of 2013 notes. The mid-sized payroll specialist priced the Ba1 deal at par with a 6.25% coupon to yield UST plus 480.2bp. Demand reached more than $400m, according to a banker on the deal, who notes strong private bank participation. HSBC, Itau and BofA-Merrill Lynch managed the sale. It is a sizeable sale for BicBanco, which sold $130m in 7% of 2010 bonds at par in April 2008 through Banco do Brasil and Banco Votorantim, before reopening for $50m the following month.