Santander Brasil Retaps

Banco Santander Brasil joined the flurry of DCM issuance this week, reopening its 2017 bonds for $500m and taking the issue to an outstanding $1.3bn. Santander reopened the Baa1/BBB 4.625%-coupon bonds at 101.291 to yield 4.300% or UST+362.5bp, tight to 4.375%-area guidance. The pricing level left investors with 11bp concession versus a 4.19% yield level seen on its 2017 bonds before announcement, according to sources following the sale. The book size grew to more than $1bn, in a transaction heard heavily anchored by institutional investors. Some 80% went to US-based investors, and the remainder to other regions. Proceeds will be used for general corporate purposes. Bank of America Merrill Lynch, Credit Agricole, Santander and Standard Chartered managed the 144a/RegS deal. Santander priced the original $800m transaction in February, through Bank of America Merill Lynch, BNP Paribas, Santander and Standard Chartered.