BdB Gets Tier 1 Nod on Hybrid Debt

Banco do Brasil has received central bank approval for $725m in Basel III compliant hybrid perpetual debt to count as Tier 1 capital, it says. The Brazilian bank reopened its outstanding 9.25% Tier 1 NC11 perpetual bonds for $750m in March, pricing at 108.50 to yield 8.488%. The BB rated non-cumulative junior subordinated perp reopening was managed by Banco do Brasil, BNP Paribas, Bradesco, Citi, HSBC and Standard Chartered.