Banco Pine Preps Tier 2 Roadshow

Banco Pine is preparing to pitch a 7-year Tier 2 bond to Asian, US and European investors next week, expected to be for at least $150m in size. The mid-sized bank, rated Ba3 for the structure, could price the new bond as soon as the end of next week. HSBC, Credit Suisse and Banco Espirito Santo are leading the sale. It follows a Baa2 rated $750m 10-year Tier 2 from Banco Votorantim that priced to yield 7.375% last week. Pine’s last dollar bond was a 7.375% coupon $150m 2-year deal in June 2008.