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Investment banking: BTG Pactual boosts its Brazilian leadership

Issues $500 billion international bond; Raises $1.6 billion for private equity fund

BTG Pactual has reinforced its position as Brazil’s leading independent investment bank by issuing a $500 million international bond and by raising one of the biggest private equity funds in Latin America.

On June 30, the bank’s Cayman Islands branch priced the US dollar-denominated five-year bond, yielding 5%. It was heavily oversubscribed, with demand reaching $1.25 billion.

BTG Pactual had been working on the deal since last year but only offered it after the Cayman Islands office was authorized as a bank branch on June 13. It is part of a bigger programme involving total issuance of $3 billion during the next few years, although the bank says it will not issue more than $1 billion during any one year and it does not expect to return to the market this year. It does not plan to be a frequent issuer.

On June 28, the bank raised $1.6 billion for a private equity fund, called BTG Pactual Brazil Investment I. This is the third-largest sum raised in Latin America, after Southern Cross’s $1.7 billion fund last October and Advent’s $1.65 billion fund in April 2010.

More than half the fund’s capital comes from investors in the US, Europe, Asia and Latin America.

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