Bradesco Adds RMB Debt

Adding to what is becoming a steady trickle of Brazilian banks to Hong Kong’s Dim Sum bond market, Bradesco has raised CNH350m ($56m). The lender’s 2016 bond priced at par with a 3.7% coupon in a private sale, according to sources familiar with the matter. Proceeds are for general funding purposes. BNP Paribas managed the sale. Bradesco is rated Baa1/BBB/BBB+. The Brazilian lender raised CNH300m in December, pricing a 2014 bond at a 3.90% yield. Banco do Brasil and BTG Pactual also made use of the offshore renminbi-denominated market, and Santander Brasil has indicated intentions to join them.