Sabesp to Access Bond Market

Sao Paulo water utility Sabesp is planning to raise BRL500m ($246m) in Brazil’s domestic bond market, it says. The 2015 debentures would pay the DI+0.30% during the first six months and step up incrementally every six months to a final DI+0.70% rate. The proceeds would be used to repay existing debt. Banco do Brasil and Bradesco are managing the sale, done under the rule 476 restricted format.