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.