SÃO PAULO—Brazil's second-largest bank by assets, Itaú Unibanco Holding SA, is planning to issue a three-year overseas bond denominated in dollars, according to a person close to the operation.

The bank will issue the bond via its Grand Cayman branch.

The bank, which hasn't yet decided the size of the issue, will use the proceeds for general purposes, according to the person, who declined to be named.

Bank of America Merrill Lynch, Citigroup Inc., Itaú BBA, Banco Santander SA and Banco do Brasil SA unit BB Securities are coordinating the issue, the person said. An Itaú spokesman declined to comment.

Earlier this year, Brazilian cement and concrete producer Votorantim Cimentos SA became the first Brazilian player to tap the international debt market this year, after local companies shied away from capital markets amid domestic political turmoil.

Votorantim Cimentos, which is part of industrial conglomerate Grupo Votorantim, raised €500 million ($571 million) in a bond denominated in that currency. The bonds, due in 2022, carry an annual yield of 3.5%.

The combination of poor economic conditions in Brazil and the continuing corruption investigation of contracts between state-controlled oil company Petróleo Brasileiro SA, or Petrobras, and some construction companies has soured business sentiment in the country.

After expanding just 0.1% last year, Brazil's economy is likely to contract more than 1% in 2015, according to economists.

The volume raised by Brazilian companies in international debt markets totaled $45.48 billion in 2014—up 19% from 2013—with more than 70% of those issues coming in the first half of the year, according to the Association of Financial and Capital Market Institutions, or Anbima.

Write to Rogerio Jelmayer at rogerio.jelmayer@wsj.com

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