FINNEWS LATAM-Brazil's Banrisul plans reopening of subordinated debt-sources

Mon Nov 26, 2012 8:59am EST

Banco do Estado do Rio Grande do Sul SA, the Brazilian bank known as Banrisul, plans to reopen the sale of U.S. dollar-denominated subordinated debt as early as Monday, sources with knowledge of the situation told Reuters. The bank offered to pay investors interest of 6.10 percent to sell the notes, which ranked second in repayment order to senior obligations, the sources added.

Banrisul, which is controlled by the Brazilian state of Rio Grande do Sul, hired the investment-banking units of JPMorgan Chase & Co and Banco Bradesco SA to handle the transaction. Banrisul currently has $500 million worth of the bonds in circulation, the sources added.

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