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average capital adequacy ratio of Brazil’s banks |
Subordinated debt is falling out of favour in the US and Europe but in Brazil several banks have recently tapped the market, taking advantage of investors’ search for yield. The country’s second-biggest private bank, Bradesco, and mid-tier player Banco BMG have both issued tier 2 debt this quarter. State-owned Banco do Brasil sold a tier 1 perpetual bond.
Investment bankers expect further transactions, especially from mid-tier institutions as much for fundraising reasons as to bolster their balance sheets, which are relatively strong anyway.
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