Banco Pine has cancelled its plans to sell five-year international bonds, Bloomberg reports. The Sao-Paulo-based lender has planned to sell about $300 million in the debt issue.
It had hired BTG Pactual, JPMorgan Chase and Banco Santander to arrange the sale. Banco Pine has postponed the sale because of a rise in borrowing costs after Standard & Poor’s lowered its outlook on the credit rating of the U.S. to negative.
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