Daycoval sells US$142mn in LF bonds

Wednesday, October 19, 2011

Brazil's Banco Daycoval has sold so-called letras financeiras (LF) bonds worth close to 250mn reais (US$142mn), the bank said in a statement.

LF bonds must have a minimum two-year tenor. They were introduced to meet the country's need for financial instruments with longer maturities.

The Daycoval bonds mature in November 2013.

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Investment funds picked up the vast majority of the bonds, while a minor portion was purchased by retail investors, financial institutions and pension funds.