Deals
BNDES Offers to Buy Back Dollar Bonds at Discount to Face Value
- Banco do Brasil last week offered to buy back overseas bonds
- Slowing credit growth in Brazil means banks need less cash
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Brazil’s state-owned development bank, National Bank for Economic and Social Development, offered to buy back as much as $3.75 billion of bonds.
This comes only a week after Banco do Brasil offered to repurchase some $600 million in perpetual notes. BNDES, as the bank is known, offered to buy notes expiring in 2019, 2020 and 2023. The offer expires Nov. 20, according to the bank’s statement.