Safra Set for Tier 2 Capital

Banco Safra is out with UST plus 340bp guidance on a $500m 2021 Tier 2 bond, expected to price as soon as today. The level comes after mid-300s whispers and the Brazilian bank says it will not grow the issuance, according to investors. BAML, JPMorgan and UBS are managing the deal, rated BBB minus.