BESI Brazil Preps Bigger Bond Sequel

BES Investimento do Brasil, an 80%-owned subsidiary of Portugal’s Banco Espirito Santo, is preparing to pitch investors a 5-year bond. Following a $150m debut last year, the bank is heard targeting a larger size, perhaps $350m, as it looks to grow its investor base. A team targeting institutional investors will begin Monday in LA, visit Boston Tuesday and finish in New York Wednesday, according to bankers managing the sale. A second group will focus on retail and begin Monday in Miami, visit London and Switzerland before finishing Thursday in Lisbon. Deutsche Bank, Espirito Santo and Standard Bank are managing the 144a sale. BESI Brasil is rated Baa2/BBB minus. The bank raised $150m from the sale of 2012 bonds at a 6.0% yield in May 2009. Bradesco owns 20% of BESI Brasil.