Brazil surfs rating relief rally to launch 'generous' euro return

The Brazilian sovereign returned to the euro market for its first transaction since 2006 on Thursday morning, opening books just four days after Standard & Poor’s cut the country’s credit rating. Although Brazilian assets have rallied following the rating rather than suffered, debt bankers were still surprised to see the issuer in the market. But a "very generous" concession relative to the issuer’s dollar curve made Brazil’s new euro deal highly attractive option, said bankers away from the bond.