Despite nervous markets, Banco Safra notes see huge investor demand

Friday, August 5, 2011

Despite nervous global markets, the five-year note issue from Brazilian bank Safra saw huge demand among international investors.

Safra sold 800mn reais (US$504mn) worth of notes with investor demand reaching 1.8bn reais, news agency Agência Estado reported market sources as saying.

The bank had initially planned to make an issue in the range of 400mn-500mn reais, but strong demand prompted Safra to go for more, according to the Estado report.

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The notes will pay investors a yield of 10.25%.