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Bradesco Issues US$250mn in Commercial Paper

Bnamericas Published: Friday, June 18, 1999
Sao Paulo-based Bradesco issued US$250mn in commercial paper on US markets through its Cayman Islands-registered office, the bank announced yesterday. Around 75% of the capital raised is earmarked to finance the bank's foreign trade activities, Bradesco director Jose Guilherme Lembi de Faria explained. "The market has improved considerably for the short-term financing of exports," he said. Bradesco increased the issue amount to US$250mn from US$150mn owing to strong interest among investors, according to local press. The issue was the largest by a Brazilian financial institution this year. The Bank of America and Barclays Bank handled the transaction for Bradesco. Bradesco is Brazil's largest private bank.

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