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Odebrecht sells dual trancher to fund buyback

Brazilian conglomerate Odebrecht closed a dual tranche deal in dollars and Brazilian real on Wednesday. Its engineering arm Constutora Noberto Odebrecht (CNO) will use the proceeds to fund a buyback, which is expected to improve the maturity profile and average cost of the company’s debt.

  • 19 Apr 2013

The bookrunners priced a $550m 12 year tranche at 4.375% and a R$550m ($275m) five year bond at 8.25%, well inside initial guidance on both sections.

"It’s a regular issuer with a clear curve and the new bonds were in line with where it’s outstanding bonds trade," said a ...

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Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 108,205.52 538 5.96%
2 Citi 98,382.25 503 5.42%
3 Bank of America Merrill Lynch 94,761.28 481 5.22%
4 Barclays 84,261.63 358 4.64%
5 Goldman Sachs 72,141.01 351 3.97%

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1 Barclays 24,989.46 66 8.20%
2 BNP Paribas 22,052.02 122 7.24%
3 Deutsche Bank 18,809.15 88 6.17%
4 SG Corporate & Investment Banking 18,560.51 81 6.09%
5 Bank of America Merrill Lynch 18,018.32 58 5.91%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 Citi 5,481.64 30 9.39%
2 Deutsche Bank 4,163.77 26 7.14%
3 JPMorgan 4,112.40 33 7.05%
4 Barclays 3,860.86 25 6.62%
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Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 JPMorgan 21,298.45 175 9.57%
2 Citi 20,439.86 159 9.19%
3 Goldman Sachs 16,625.43 128 7.47%
4 Bank of America Merrill Lynch 15,591.95 135 7.01%
5 Morgan Stanley 14,366.81 98 6.46%

Bookrunners of European Corporate IG Bonds

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1 BNP Paribas 20,570.30 119 5.85%
2 Barclays 19,860.07 78 5.65%
3 SG Corporate & Investment Banking 18,568.31 85 5.29%
4 JPMorgan 18,060.78 82 5.14%
5 Citi 17,788.18 88 5.06%