Banco Daycoval Hits Road

Brazilian mid-sized bank Banco Daycoval plans to begin marketing today a new 2015 dollar bond. The size of the Reg S transaction has not been determined, but the lender is expected to raise at least $100m. S&P and Fitch have each rated the issuance BB for up to $150m. A roadshow aimed at retail investors will begin in Switzerland today, visit Switzerland and Miami Friday, and finish in London and New York Monday, says a banker on the deal. Itau, Morgan Stanley and Santander are managing the sale. The bank’s last dollar bond was a $100m 7.25% of 2011, sold through HSBC, Itau and Banco Votorantim in July 2008.