Banco Bradesco S.A. , Brazil's second biggest lender by market value,  through its Grand Cayman Branch (“Issuer”) made available for issue on 16 August 2010 one or more tranches of 5.90% subordinated notes in the aggregate principal amount of US$1,100,000,000 due January 2021. The Issuer reopened the notes on 6 January 2011 with the offer of additional 5.90% subordinated notes in the aggregate principal amount of US$500,000,000 which were made available for issue on 13 January 2011.

Appleby acted as Cayman Islands legal counsel to the Issuer. Partner Sherice Arman (Corporate & Commercial, Cayman Islands) led the deal with support from associate Caroline McCann.