Itau Adds Asian Greenshoe

Itau has added $125m to the $1.25bn 2022 Tier 2 bond priced on Monday, exercising a greenshoe option during Asian hours. The extra portion saw $800m in demand and boosted the outstanding size of the deal to $1.375bn. The Brazilian bank had priced the unsecured subordinated bond at par with a 5.500% coupon, to yield at the tight end of 5.500%-5.625% guidance, revised from mid to high 5%. Itau, JPMorgan and Standard Chartered managed the Baa2/BBB rated transaction.