Cemig Picks Trio for Local Bond

Cemig has hired Banco do Brasil, HSBC and Banco Votorantim to manage a domestic bond sale it is preparing, according to a spokesman. The Brazilian utility’s Cemig Distribuicao unit is planning to raise BRL1.6bn ($788m) in three possible tranches, due 2018, 2021 and 2025. Cemig Distribuicao is rated Aa1/AA on a national scale. Cemig raised BRL1.35bn through its Cemig Geraco e Transmissao unit in a 3-tranche deal in March 2012 managed by BTG, HSBC and Banco do Nordeste.