THEBanking, a full digital bank in financial services and payment methods, elected the best corporate account by the iDinheiro portal and one of the main digital banks in Brazil, completed its second public issuance of Financial Letters (LFs), amounting to R$ 920.3 million. With a single series with a 2-year term, the issuance had Banco UBS as the lead coordinator of the operation, and Itaú BBA as the coordinator.
The total demand was R$ 2.2 billion, equivalent to 3.2 times the supply, with a final remuneration of CDI +0.45% per year, representing a success of a -12 reduction.basis pointsregarding the cap rate of the initial offer. 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 strong 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.
Just like in the first issuance, the digital bank received a brAAA rating, the highest on the national scale, reinforcing its financial health and discipline, and a clear long-term vision for PagBank.
One of the largest digital banks in the country by number of customers, PagBank offers tools for in-person and online sales (such as card machines; Tap On – which turns the phone into a card machine with the PagBank app; payment links; checkout options for e-commerce, 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 customers' earnings.
