On 5 July the Concessionaire Rodovias do Tiete (São Paulo - Brazil), formed by Ascendi (50%) and Atlantia-Bertin Participações (50 %), issued approximately R$1.1 billion bonds. The bonds were issued with a 15 year tenor on a tax exempt basis under the Brazilian government's infrastructure investment incentive programme.

Banco BTG and Pactual led and advised on this international public offering which was also coordinated by Banco Espírito Santo, Banco ABC Brasil, Banco J.Safra and Morgan Stanley.

The issue had several distinguishing factors which set it apart from previous debt sales in the Brazilian market. This was the first project finance model debt issue, with the operation achieving a higher rating than the company itself, thanks to the robust and stable cash flows and the security package available to investors.

Moody's gave a Ba2/Aa2.br rating with a stable outlook, one notch above that of the company.

This was the first infrastructure related debt offering with a 15 year tenor, 3 years longer than the maximum maturity for previous offerings in the market.

Despite going to market at a time of significant volatility, the debt offering was fully subscribed.

Concessionária Rodovias do Tietê S.A. (Rodovias do Tiete) holds a 30-year toll road concession to expand, operate and maintain five roads in the interior of São Paulo, which the state regulatory agency ARTESP granted under a single concession in April 2009. The road system operated by Rodovias do Tiete consists of 415 kilometers and includes the following road sections: SP-300 (Corredor Marechal Rondon Leste), SP-308 (Rodovia do Açucar), SP-101, SP-113 and SP-209. The service area includes 24 municipalities, where the largest cities are Bauru, Campinas, and Piracicaba.