Banco Pine Talks CHF Guidance

Brazil’s Banco Pine is giving guidance of mid-swaps plus 493bp-area guidance for a minimum CHF80m ($83m) 2.5-year bond expected to come by the end of the week, according to investors. Books are expected to close on Friday, with pricing expected on the same day. UBS is sole lead on the transaction, which has a BB rating and would be a debut in Switzerland. In December 2011, the bank closed a $37.5m loan from Saudi Arabia’s Al-Rajhi Bank, claiming to be the first Islamic funding for a Brazilian bank. In April last year, it had plans to issue a $300m 5-year bond in the dollar market but later postponed amid a backdrop of tanking US equity markets and oversupply from Brazilian mid-sized banks. Elsewhere in the cross-border new issuance space, Brasil Foods made no announcements on any new transactions following the completion of investor meetings Tuesday.