Bradesco News

Brazilian shipbuilder Engevix Construcoes Oceanicas (Ecovix) is expected to file for bankruptcy protection from creditors in a local court this month, the newspaper Valor Economico said on Wednesday. The company, based in Rio de Janeiro, has more than 6 billion reais ($1.7 billion) in outstanding debts, according to Valor. Ecovix did not immediately respond to requests for comment made via phone and email. According to Valor, Ecovix's creditors include state-run oil company Petrobras, suppliers, China's Cosco, Norway's NOV and also local banks Bradesco, Banco do Brasil and Caixa Economica Federal. The company's expected request for protection from creditors is intended to give it room to negotiate a debt restructuring and the sale of company assets to new investors, the paper said.

The man responsible for giving the dry bulk industry the valemax died on Sunday  in a Sao Paulo plane crash. Roger Agnelli, the former head of the Brazilian mining giant Vale, has died after his private jet crashed into a residential building in Sao Paulo, local media reported. He was 56. Agnelli, his wife and two of his children were among seven killed when his aircraft slammed into the building around 18:20 GMT on Saturday, minutes after taking off from an airport in northern Sao Paulo, an aviation official told Reuters news agency. Agnelli took over as president and chief executive of Vale in 2001 after nearly 19 years at one of the country’s largest banks, Banco Bradesco, which is a major shareholder in Vale.

Petroleo Brasileiro SA borrowed 4 billion reais ($1.8 billion) in a 17-year loan from Banco Bradesco SA to help pay for work on the Abreu e Lima refinery in northeastern Brazil, a source with direct knowledge of the deal said on Tuesday. Petrobras, as Brazil's state-controlled oil producer is known, will pay annual interest of 9.5 percent plus Brazil's TR minimum savings remuneration rate, said the source, who declined to be identified because terms of the deal are subject to banking secrecy laws in Brazil. The TR yielded 0.3 percent in the 12 months through the end of February, according to the BM&FBovespa exchange. The Abreu e Lima Refinery, or RNEST, outside of Recife is expected to cost $20 billion by the time it reaches full operating capacity of 235,000 barrels a day in mid-2015.

Petroleo Brasileiro SA borrowed 4 billion reais ($1.8 billion) in a 17-year loan from Banco Bradesco SA to help pay for work on the Abreu e Lima refinery in northeastern Brazil, a source with direct knowledge of the deal said on Tuesday. Petrobras, as Brazil's state-controlled oil producer is known, will pay annual interest of 9.5 percent plus Brazil's TR minimum savings remuneration rate, said the source, who declined to be identified because terms of the deal are subject to banking secrecy laws in Brazil. The TR yielded 0.3 percent in the 12 months through the end of February, according to the BM&FBovespa exchange. The Abreu e Lima Refinery, or RNEST, outside of Recife is expected to cost $20 billion by the time it reaches full operating capacity of 235,000 barrels a day in mid-2015.

Petrobras has launched a $8.5 billion six-bond offering after generating a $22 billion plus order book. The trade was launched as a $1.6 billion three-year fixed at Treasuries plus 250bp, $1.4 billion three-year FRN at 3mL+236bp, $1.5 billion six-year fixed at plus 330bp, $500 millio six-year FRN at Libor plus 288bp, $2.5 billion 10-year at Treasuries plus 350bp, and $1 billion 30-year fixed at plus 360bp. This comes after leads revised guidance to T+250-260bp on the three-year fixed-rate tranche, 3mL+236-246bp on the three-year FRN, T+330-340bp on the six-year fixed, 3mL+288-298bp on the 6-year FRN, T+350-360bp on the 10-year fixed, and T+360-370bp on the 30-year fixed-rate tranche. Initial price thoughts were T+260bp, 3mL+246bp, T+340bp, 3mL+298bp, T+360bp and T+370bp, respectively.