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.
For the full story, click here