Brazilian note issued by Standard

Standard Bank London has launched and placed the following note issue for Brazil ‘s Banco Ita SA (acting through its Grand Cayman branch):

            Issuer:                          Banco Ita SA

            Amount:                       US$150mn

            Tenor:                          18 months

            Coupon:                       5% pa

            Re-offer yield:               5.05% pa

            Issue price:                   99.9283%

            Sole bookrunner:          Standard Bank London

Standard Bank London acted as sole bookrunner for the issue and was joined as joint lead manager by BIE-Bank & Trust Limited and Ita Bank Limited. The issue was originally announced on May 7, 2003 as a US$50mn note issue with a yield range of 5% pa to 5.25% pa. Strong demand for the Ita name provided the necessary momentum for a tripling of the original deal size to US$150mn. Pricing came in at the lower end of the indicative yield range. Settlement of the issue occurred on May 28, 2003 .

Banco Ita is the second-largest private-sector Brazilian bank, with a stockholders’ equity of R10bn as of March 31, 2003 and assets of R113.1bn. It operates as a multiple service bank.