Daycoval Hits Bond Road

Brazil’s Banco Daycoval is set to begin a non-deal road show today, a day after Cruzeiro do Sul brought the first bond from Brazil’s mid-size bank sector following last year’s problems at Banco Panamericano. The bank was to begin in Hong Kong, and visit Singapore, Miami, London, New York and Switzerland, finishing in Boston on January 19. Goldman Sachs, HSBC and Standard Chartered are managing the sale. BB rated Daycoval last sold a dollar bond in March 2010, raising $300m in 2015s at a 6.750% yield.