Perpetual push petering out after Braskem raises $450m but sees bond widen by 20bp

Corporate Latin America’s rush to lock in low interest rates via perpetual bond issues — often refinancing more expensive older undated debt at the same time — could be close to ending after the sector showed signs of saturation.

  • 01 Oct 2010
This week’s $450m sale by Brazilian petrochemicals firm Braskem followed compatriot steelmaker Companhia Siderurgica Nacional (CSN)’s deal two weeks ago in widening in secondary trading. Braskem priced its perp on Monday though lead managers HSBC, Itau and Deutsche Bank. The 7.375% bond has widened by around 20bp, according ...

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Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 61,791.92 290 9.57%
2 HSBC 59,948.24 329 9.29%
3 JPMorgan 56,039.50 241 8.68%
4 Deutsche Bank 29,969.45 124 4.64%
5 Standard Chartered Bank 26,397.78 195 4.09%

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Rank Lead Manager Amount $m No of issues Share %
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1 Citi 18,874.63 54 14.39%
2 JPMorgan 15,571.64 55 11.87%
3 HSBC 15,451.13 39 11.78%
4 Bank of America Merrill Lynch 11,490.31 44 8.76%
5 Santander 11,398.01 43 8.69%

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1 JPMorgan 26,680.88 90 13.44%
2 Citi 23,071.09 83 11.62%
3 HSBC 17,587.52 66 8.86%
4 Deutsche Bank 10,117.91 28 5.10%
5 BNP Paribas 10,065.46 30 5.07%

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2 Goldman Sachs 162.26 37 8.77%
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4 Bank of America Merrill Lynch 114.20 33 6.18%
5 Citi 95.36 35 5.16%

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1 ING 3,133.69 26 9.51%
2 UniCredit 2,795.44 20 8.48%
3 Sumitomo Mitsui Financial Group 2,594.98 10 7.87%
4 SG Corporate & Investment Banking 2,301.01 20 6.98%
5 Commerzbank Group 1,584.45 16 4.81%

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1 AXIS Bank 11,940.85 168 22.85%
2 ICICI Bank 5,375.52 141 10.28%
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