Nubank Completes 1 Billion BRL Financial Bills Offering; Demand Hits 3x the Issued Volume

São Paulo, June 28, 2024 – Nubank has successfully completed its first public offering of Financial Bills totaling 1 billion BRL. The transaction drew strong demand from investors, nearly tripling the offering size and resulting in a significant reduction of the final rate compared to the cap rate.

The Financial Bills were issued in two series: a 2-year issuance of 550 million BRL at CDI + 0.70% per year; and a 3-year issuance of 450 million BRL at CDI + 0.75% per  year. The offering received an ‘AAA.br’ rating by Moody’s.

“This achievement is proof of the confidence that we have built with institutional investors and of our capability to expand and diversify our capital sources to support our continuous growth,” says the CFO of Nubank, Guilherme Lago.

Business Model Consolidation

Nubank has been presenting strong financial results with increases in net profit, revenues, ARPAC, and various other significant metrics every quarter. In May of this year, S&P Global Ratings upgraded Nu Financeira S.A. – Sociedade de Crédito, Financiamento e Investimento (Nu Financeira) to ‘BB’ on the global scale and to ‘brAAA’ on the national scale, matching the level of incumbent banks and the same sovereign grade as Brazil. This was the second upgrade given to Nu Financeira by S&P in less than a year.

At Moody’s, Nu Financeira’s investment-grade rating is AAA.br in Brazil and Ba2 globally. The agency highlighted Nu’s exceptional performance and the successful consolidation of its operations in Brazil.