ITAÚ UNIBANCO: Bank Prices US$ 1.25 Billion Perpetual Note

(RTTNews) - Brazilian bank Itaú Unibanco priced a US$ 1.25 billion perpetual subordinated notes emission with a 6.125% coupon. The interest rate will change every five years based on the United States Treasury notes yield at the time of the review.

Itaú said in a statement that it might repurchase the notes as of December 12, 2022, with the prior approval of the Brazilian authorities.

The bank will ask the Brazilian Central Bank permission to include the notes in its regulatory capital as additional tier 1 capital, adding 60 basis points to the company's Tier 1 capital ratio.

The bank stated that the notes were only offered to qualified institutional investors and non-US investors outside the United States, but the issuance is not subject to the filing rules of the U.S. Securities and Exchange Commission (SEC) or the Brazilian the Securities and Exchange Commission (CVM).