Banco Pine Plans Switzerland Trip

Banco Pine is preparing to meet investors in Switzerland next week, according to people following the process. The Brazilian bank is visiting Geneva and Zurich Tuesday. Credit Suisse and UBS are managing. If a deal follows, it would be the mid-sized bank’s debut in CHF and the second LatAm high-yield CHF transaction. It would follow Banco Votorantim’s 2.75% CHF250m 2013 bond sold in 2010. Banco Votorantim’s rating at the time was BB+/Ba2. Banco Pine is considering a CHF100m ($107m) size with a 3-year or 5-year maturity. The Ba3/BB+ bank cancelled plans to raise funds in the Swiss bond market around this time last year through UBS, citing volatility and deteriorating market conditions. It had considered at the time a minimum CHF80m ($83m) 2.5-year bond and released guidance of mid-swaps plus 493bp-area. It also considered last year a $300m 5-year dollar bond.