Brazil taps with style, Mexico makes splash
Brazil and Mexico kicked off a bumper week in Latin American bond markets with a pair of sovereign issues that priced within hours of each other on Tuesday. Others to follow later in the week included the first trades since 2010 from Brazil’s Vale and Chile’s Arauco.
Brazil was first into the market with a $700m tap of the borrowers January 2021s that attracted $3.6bn of orders in less than two hours.
Pricing started at 160bp over Treasuries with an initial target of $500m but strong early demand encouraged the bookrunners to revise guidance to plus
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