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Brazil's Bradesco to place 750M reais in real estate covered bonds

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Brazil's Bradesco to place 750M reais in real estate covered bonds

Brazil's Banco Bradesco SA will place 750 million reais in real estate financing securities called letra imobiliária garantida, or LIGs, next week, Reuters reported, citing CEO Octavio de Lazari.

According to Lazari, the bank had already placed 475 million reais of the securities in December for its private clients.

Brazilian authorities began regulating LIGs in 2017, with the securities meant to provide a new funding alternative for real estate purchases.

Banco Santander Brasil SA made the first issuance of the bonds in November 2018, for a total of about 180 million reais, according to the publication.

As of Jan. 7, US$1 was equivalent to 3.72 Brazilian reais.