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April 29, 2008 |
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BANCO CRUZEIRO: Sells US$110 Million Two-Year Bonds Business News Americas reports that Banco Cruzeiro do Sul SA has sold US$110 million of two-year bonds, which are part of a US$1 billion short-term note program. According to BNamericas, Banco do Cruzeiro last issued US$100 million in eurobonds in February 2008. Banco Cruzeiro's net profit rose 472% to BRL236 million in 2007, compared to 2006. It increased lending by 147% to BRL3.29 billion. The bank's assets totaled BRL4.31 billion last year, BNqamericas states. Headquartered in Sao Paulo, Brazil, Banco Cruzeiro do Sul SA (Bovespa - CZRS4) -- http://www.bcsul.com.br/ -- is a private- sector multiple bank with operations in the consumer segment, through paycheck-deductible loans to public employees and social security beneficiaries, and in the corporate segment, offering middle-market companies short-term loans usually backed by receivables. The bank's core business is lending to civil servants, with payments automatically deducted from payrolls. * * * As reported in the Troubled Company Reporter-Latin America on March 27, 2008, Moody's Investors Service assigned a Ba1 long- term foreign currency debt rating to Banco Cruzeiro do Sul S.A.'s existing US$30,000,000 senior unsecured notes due in May 2010. Moody's said the outlook on the rating is stable. |
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