Brazil bond run stays hot as Gerdau issues at a steal
Brazilian steel producer Gerdau this week became the latest Latin American issuer to take advantage of hugely benign conditions to issue new debt inside where its existing curve was trading.
BBB-/BBB- rated Gerdau, which had been meeting investors since launching a tender offer for its outstanding 2020s, 2021s and 2024s, announced initial price thoughts of low to mid 5% on Thursday morning for a $650m 10 year.
Leads Citi and Santander were able to bring in guidance to
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