Brazil’s Odebrecht clinches fine return but pays up

Odebrecht, the oil and gas and infrastructure company, attracted a book of $3.5bn before pricing its $1.69bn senior-secured bond on July 26 in the first Brazilian corporate deal since BRF Brasil Foods visited the market on May 15.

  • By Steven Gilmore
  • 01 Aug 2013

Bankers said the bond was a positive step in the rehabilitation of the LatAm, and particularly Brazilian, new issue markets, though the borrower paid for just missing the end of the EM bull market that came to a brutal halt in May.

Bankers away from the deal said ...

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All Corporate Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 42,922.69 206 5.63%
2 Citi 41,586.42 196 5.45%
3 Bank of America Merrill Lynch 39,407.29 191 5.17%
4 Barclays 36,273.83 151 4.75%
5 Deutsche Bank 30,885.88 147 4.05%

Bookrunners of Euro Denominated Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Barclays 12,052.82 29 9.36%
2 SG Corporate & Investment Banking 9,163.95 33 7.12%
3 Deutsche Bank 8,910.77 40 6.92%
4 Bank of America Merrill Lynch 8,791.13 27 6.83%
5 BNP Paribas 8,029.09 40 6.24%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 JPMorgan 1,571.85 12 9.08%
2 Deutsche Bank 1,337.93 10 7.73%
3 BNP Paribas 1,305.75 15 7.54%
4 Goldman Sachs 1,225.64 11 7.08%
5 Citi 1,208.83 11 6.98%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 9,429.53 69 10.49%
2 Citi 8,913.64 63 9.92%
3 Bank of America Merrill Lynch 6,050.36 46 6.73%
4 Goldman Sachs 5,765.16 41 6.41%
5 Morgan Stanley 5,492.04 36 6.11%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 SG Corporate & Investment Banking 8,438.58 32 5.45%
2 Citi 8,108.21 29 5.23%
3 Barclays 7,869.78 33 5.08%
4 BNP Paribas 7,595.48 38 4.90%
5 Credit Agricole CIB 7,348.67 37 4.74%