Brazilian Bank Wants in on Sub-Debt Party

Banco Bonsucesso is preparing to issue $150m in 2020 subordinated bonds, following the trend of Latin American, and especially Brazilian, banks of all sizes picking up junior debt this year while rates are low. The bank did not disclose what the use of proceeds would be. The mid-size Brazilian bank will meet investors Monday through Thursday, according to bankers managing the Tier 2 sale. Moody’s has assigned a Ba3 rating. Espirito Santo and Santander are managing the sale.