AMERICAS

摘要

itau unibanco ratcheted in pricing on a new US$700m perpetual non-call five AT1 note last week. Starting at initial price thoughts of the 5.25% area, leads were quick to move guidance to 4.75% (+/-5bp) and then priced inside that at 4.625% after garnering a US$5bn order book. "Anything - whether it is EM or high-grade that has a bit of yield is flying out the door," said a syndicate banker. The bond issue came just a month after Itau the country's largest private bank - raised US$1.5bn through a two-part senior deal, comprising a 2.9% 2023 and a 3.25% 2025. The Brazilian bank's latest foray comes as investors hunting for yield show a strong preference for subordinated instruments in the bank sector.