Last week Unibanco became the second Brazilian bank this year to issue a deal backed by diversified payment rights (DPR). And, like its predecessor, Banco do Brasil, the choice was to go unwrapped. "They felt that the right sentiment was there," said a source close to the transaction. With capacity constraints among monolines and fears of a Brazilian default fading fast, the bank probably did not face a difficult decision on its MT-100, as DPR deals are known.

Dresdner Kleinwort Wasser- stein led the two-tranche deal, sized at US$225 million in total. Debevoise & Plimpton counseled the arranger, while Dewey Ballantine advised investors.

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