The PagBank, a complete digital bank in financial services and payment methods, elected the best business account by the iDinheiro portal and one of Brazil’s leading digital banks, has completed its second public issuance of Financial Letters (LFs), totaling R$ 920.3 million. With a single series and a 2-year term, the issuance had UBS Bank as the lead coordinator of the operation and Itaú BBA as the coordinator.
Total demand reached R$ 2.2 billion, equivalent to 3.2x the offer, with a final remuneration of CDI +0.45% per year, representing a successful reduction of -12 basis points compared to the initial ceiling rate. The funds raised will be used for corporate purposes, such as financing the growth of the digital bank’s acquiring and credit operations.
“Our goal was to raise R$ 700 million, with a ceiling rate of CDI +0.57% per year, and due to high demand, we managed to issue 30% more than expected. The success of this second issuance reinforces the market’s confidence in the solidity of our business model and the consistency of our growth strategy,” says Artur Schunk, CFO of PagBank.
As in the first issuance, the digital bank obtained a brAAA rating, the highest on the national scale, reinforcing its financial health and discipline, and PagBank’s clear long-term vision.
One of the largest digital banks in the country in terms of customer numbers, PagBank offers tools for in-person and online sales (such as card machines; Tap On – which turns a smartphone into a card machine with the PagBank app; payment links; checkout options for e-commerces, among others), a complete digital account for individuals and businesses, as well as features that contribute to financial management, such as Payroll. At PagBank, the credit card has a guaranteed limit, and investments become a limit for the card itself, enhancing customer earnings.
