Gol clinches convertible with varied demand

Gol, airline, Rio de Janeiro, Brazil, LatAm
By Oliver West
21 Mar 2019

Brazilian airline Gol Linhas Aéreas Inteligentes sold a rare exchangeable bond on Thursday after receiving demand from a combination of convertible arbitrage funds, EM bond managers and the long-only equity community, GlobalCapital understands.

When it launched the $300m offering of 2024 convertibles on March 14, Gol marketed the bond with a coupon range of 3.75%-4.25% and conversion premium of 30%-40%. On Wednesday they had refined the conversion premium range to 35%-40% while leaving the coupon range the same.

With demand coming “faster ...

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