BdB Considers Euro Debut

Banco do Brasil (BdB) is meeting the European buyside next week, with an eye on its first euro-denominated issuance. The bank, considered one of the highest-quality LatAm candidates for euro issuance since a pickup in the class last year, plans to visit London, Paris, the Netherlands, Germany and Switzerland next week Monday through midweek, according to investors. The bank has not divulged details of any deal, announcing only the meetings and that a transaction could follow. BdB, Banco Votorantim, Deutsche Bank and BNP are managing the process. The bank’s last sale was a $600m 2020 tier 2 bond in September, through Bank of America Merrill Lynch, HSBC and Votorantim. European investors hungry for diversity have welcomed high-quality Brazilians in recent months, with Telemar (BBB/Baa2) raising EUR750m in 2017s at a 5.330% yield in December, after BNDES (BBB minus/Baa2) got an identical size and maturity at 4.243% in September.