GBAF Logo
MILBANK REPRESENTS UNDERWRITERS IN $500 MILLION FIRST TIME BASEL III TIER 2 BOND OFFERING BY BRAZIL’S CAIXA ECONÔMICA FEDERAL - Top Stories news and analysis from Global Banking & Finance Review
Top Stories

MILBANK REPRESENTS UNDERWRITERS IN $500 MILLION FIRST TIME BASEL III TIER 2 BOND OFFERING BY BRAZIL’S CAIXA ECONÔMICA FEDERAL

Published by Gbaf News

Posted on August 1, 2014

1 min read

· Last updated: December 7, 2018

Add as preferred source on Google
Banking debt instruments Latin America
André Jánszky

André Jánszky

Milbank, Tweed, Hadley & McCloy LLP represented the underwriters BB Securities Ltd., Banco Bradesco BBI S.A., Banco BTG Pactual S.A. – Cayman Branch, Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated in the $500 million offering of 7.250% notes due July 2024 by Caixa Econômica Federal.

It was the first time that a Basel III tier two bond ever sold publicly in Brazil, and it is only the third of its kind in Latin America. Caixa Econômica Federal is Brazil’s largest fully government-owned mortgage and savings bank.

The Milbank team included Global Securities partners André Jánszky and Tobias Stirnberg and associates Felipe Camara and Gabriela Britto; Tax partner Andrew Walker and associate Erika Hauser.

Key Takeaways

  • Milbank acted for a consortium of major underwriters in a landmark $500 million Basel III Tier 2 bond issuance by Caixa Econômica Federal.
  • This was the first publicly sold Basel III Tier 2 bond in Brazil and only the third such transaction in Latin America.
  • Caixa Econômica Federal is Brazil’s largest fully government‑owned mortgage and savings bank, headquartered in Brasília.
  • The Milbank team included Global Securities partners André Jánszky and Tobias Stirnberg, associates Felipe Camara and Gabriela Britto, Tax partner Andrew Walker and associate Erika Hauser.

References

Frequently Asked Questions

What is a Basel III Tier 2 bond?
It is a subordinated debt instrument that qualifies as Tier 2 regulatory capital under Basel III, helping banks meet capital adequacy requirements.
Why was this issuance significant?
It was the first publicly sold Basel III Tier 2 bond in Brazil and only the third in Latin America, marking a regulatory and market milestone.
Who were the underwriters involved?
The underwriters included BB Securities Ltd., Banco Bradesco BBI, Banco BTG Pactual – Cayman Branch, Deutsche Bank Securities, HSBC Securities (USA), and Merrill Lynch, Pierce, Fenner & Smith.
Who at Milbank handled the deal?
Global Securities partners André Jánszky and Tobias Stirnberg, associates Felipe Camara and Gabriela Britto, Tax partner Andrew Walker and associate Erika Hauser.

Tags

Related Articles

Image for Why Curiosity Is the Hidden Engine Behind Every Big Idea

Why Curiosity Is the Hidden Engine Behind Every Big Idea

Image for The Silent Shift Reshaping Global Finance

The Silent Shift Reshaping Global Finance

Image for The Invisible Forces Rewiring Global Finance—And Why the Shift Is Already Underway

The Invisible Forces Rewiring Global Finance—And Why the Shift Is Already Underway

Image for The Global Finance Reset No One Is Talking About—But Everyone Is Feeling

The Global Finance Reset No One Is Talking About—But Everyone Is Feeling

Image for The Financial Trend Hiding in Plain Sight—Why Everything Feels the Same, But Isn’t

The Financial Trend Hiding in Plain Sight—Why Everything Feels the Same, But Isn’t

Image for The Financial System’s New Rhythm—Why Change Is Happening Without Disruption

The Financial System’s New Rhythm—Why Change Is Happening Without Disruption

More from Top Stories

Explore more articles in the Top Stories category

Image for The Subtle Forces Reshaping Global Finance—And Why They Matter Now
The Subtle Forces Reshaping Global Finance—And Why They Matter Now
Image for The Quiet Realignment of Global Finance—Why the System Is Changing Without a Shock
The Quiet Realignment of Global Finance—Why the System Is Changing Without a Shock
Image for The Global Financial Shift That Feels Small—But Is Changing Everything
The Global Financial Shift That Feels Small—But Is Changing Everything
Image for The Financial System’s Invisible Pivot—Why the Biggest Changes Don’t Make Headlines
The Financial System’s Invisible Pivot—Why the Biggest Changes Don’t Make Headlines
Image for Why Global Supply Chains Are Becoming Smarter, Faster, and More Resilient
Why Global Supply Chains Are Becoming Smarter, Faster, and More Resilient
Image for Why Workforce Agility Is Becoming Critical in the Future of Work
Why Workforce Agility Is Becoming Critical in the Future of Work
Image for Why Global Trade Is Entering a New Era of Resilience and Reinvention
Why Global Trade Is Entering a New Era of Resilience and Reinvention
Image for Why Cybersecurity Is Becoming a Core Business Priority in the Digital Economy
Why Cybersecurity Is Becoming a Core Business Priority in the Digital Economy
Image for Why Data-Driven Decision-Making Is Becoming the Backbone of Modern Business Strategy
Why Data-Driven Decision-Making Is Becoming the Backbone of Modern Business Strategy
Image for How Real-Time Data Is Redefining Decision-Making in the Digital Economy
How Real-Time Data Is Redefining Decision-Making in the Digital Economy
Image for Why Cash Flow Visibility Is Becoming the Most Critical Metric for Business Survival
Why Cash Flow Visibility Is Becoming the Most Critical Metric for Business Survival
Image for How Digital Payments Are Redefining the Speed and Scale of Global Commerce
How Digital Payments Are Redefining the Speed and Scale of Global Commerce
View All Top Stories Posts