Trade Idea

Itau Unibanco Cheap vs Banco do Brasil

BUY

ITAU 3 1/4 01/24/25

US46556KAB26
SELL

BANBRA 4 3/4 03/20/24

USP1R027AA25

Accelerated tightening in Banco do Brasil 4.75% 2024 (BANBRA 24's) make the bonds look expensive against Itau Unibanco 3.25% 2025 (ITAU 25's). ITAU 25's have on average traded 18 bps tighter than BANBRA 24's during the last 12 months but now trade 35 bps over. Holders of BANBRA 24's have the opportunity to take profits at 139 bps and switch into ITAU 25's at 174 bps.

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