March 13, 2019 / 9:23 PM / 7 months ago

UPDATE 1-State-controlled lender Banco do Brasil sells $750 mln five-year bond

(Updates with concluded deal)

By Carolina Mandl

SAO PAULO, March 13 (Reuters) - State-controlled lender Banco do Brasil SA sold $750 million in five-year bonds on Wednesday, a source with knowledge of the matter said.

As investors’ demand reached $3.2 billion, Banco do Brasil will pay 4.75 percent, down from an initial target of 5 percent, the source added, asking for anonymity to discuss the private transaction.

The bank will use the proceeds to manage offshore debt, the source added.

The sale was managed by BB Securities, BNP Paribas, Goldman Sachs, Itaú BBA and Standard Chartered.

On Tuesday, Brazilian oil company Petroleo Brasileiro SA priced global notes worth $3 billion due in 2029 and 2049, seeking to repurchase shorter-term debt obligations. (Reporting by Carolina Mandl; editing by Jonathan Oatis and James Dalgleish)

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