Bankers bearish on Brazil bank supply after Caixa
Caixa Econômica Federal became the second government-owned Brazilian financial institution in seven days to tap the international bond markets on Thursday, helping to restart activity after a four month hiatus. But the pricing achieved is unlikely to trigger a wave of supply from these issuers, said DCM bankers.
Baa2/BBB rated savings and mortgage bank Caixa printed $1.25bn of five year senior-unsecured paper at 325bp over US Treasuries after attracting demand of $5.5bn.
That equated to a new issue premium of 30bp, according to the most optimistic estimates of one head of LatAm DCM away from
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