Brazil raised $2.25bn via a dual-trancher. It raised $1.5bn via a 10Y bond at a yield of 3.875%, 25bp inside initial guidance of 4.125% area. It also raised $750mn via a tap of its 4.75% 2050s, priced at 97.333 at a yield of 4.925%. The issuance received orders of over $7.5bn ~3.5x issue size. The bonds have expected ratings of Ba2/BB-/BB- in line with the issuer rating. BRADSC, Goldman Sachs and HSBC were the bookrunners of the deal.
Brazil´s USD bonds were slightly up with its 4.75% 2050s up .09 to 98.338, yielding 4.86% and its 12.25% 2030s up .37 to 167.113, yielding 3.29%.
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