Movida tightens SLB, Hidrovias plots refi

Brazil, car, rental, Movida, LatAm, 575
By Oliver West
28 Jan 2021

Car rental company Movida became the third Brazilian company this year to sell a sustainability-linked bond when it raised $500m of 10-year debt with a coupon step-up linked to carbon emissions on Thursday.

After three days of investor calls, global coordinators Citi, JP Morgan and Morgan Stanley set initial price thoughts at mid-5% for B+/BB- rated Movida’s proposed 10 year non-call five benchmark. 
Movida, whose parent company Simpar sold a sustainability-linked note two weeks ago, attracting $1.3bn of orders ...

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