Brazil’s Cemig to take second shot at bond with HY in vogue

Oliver West

November 22, 2017 06:00 am

Cemig, Brazil, Minas Gerais, utility — SAO PAULO SP, SP 27/09/2017 CEMIG AUCTION:Engie won the Jaguara plant concession by offering a bid of R $ 2.171 billion, which corresponds to a 13.59% premium over the minimum grant value established for the asset, of R $ 1.911 billion. The auction in the Cemig mill surpassed the proposal of competitor Enel, which offered R $ 1.917 billion to stay with the plant, which corresponds to a goodwill of 0.34%..Aliança Energia, a joint venture between Cemig and Vale, said it had no interest in the hydroelectric plant, while China's SPIC indicated it would not participate in this dispute after conquering the São Simão plant. The Jaguara hydroelectric plant is located in Rio Grande, between the states of Minas Gerais and São Paulo, and has 424 MW of power.(Credit Image: © Cris Faga via ZUMA Wire/ZUMAPRESS.com) | Cris Faga/Zuma Press/PA Images

Minas Gerais state power utility Cemig announced its second roadshow of the year the day after signing a R$4bn ($1.23bn) bank loan as it looks to improve its liquidity position via a renewed attempt to sell international bonds.

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Oliver West

US Bureau Chief - Latin America Editor