Shaking up the dead calm in structured issues from Brazil, Voto-Votorantim Overseas Trading Operations IV - a special purpose company wholly owned by Votorantim Participacoes - floated a $400 million, 15-year bond backed by a letter of credit from Credit Suisse First Boston, which also was the sole lead. The transaction priced last week at 7.75% or 369 basis points over Treasurys.

Fitch Ratings and Standard & Poor's rated the deal BBB' and BBB-', respectively.

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