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 99,566.90 454 5.86%
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4 Barclays 72,949.56 288 4.29%
5 Goldman Sachs 67,513.91 265 3.97%

Bookrunners of Euro Denominated Corporate IG Bonds

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2 Deutsche Bank 18,365.60 68 7.33%
3 SG Corporate & Investment Banking 17,313.06 81 6.91%
4 UniCredit 14,560.49 67 5.81%
5 HSBC 12,711.09 71 5.07%

Bookrunners of European HY Bonds

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1 BNP Paribas 4,293.59 52 7.15%
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5 Credit Suisse 3,406.43 36 5.67%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 17,476.08 137 9.95%
2 Credit Suisse 12,936.58 90 7.36%
3 Goldman Sachs 12,429.32 91 7.07%
4 Citi 12,061.47 102 6.87%
5 Bank of America Merrill Lynch 12,022.06 109 6.84%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 24,095.98 100 6.17%
2 BNP Paribas 22,633.04 97 5.79%
3 Barclays 22,506.00 76 5.76%
4 Citi 21,179.37 84 5.42%
5 Deutsche Bank 21,068.78 84 5.39%