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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 Citi 28,910.79 133 5.91%
2 JPMorgan 28,222.08 135 5.77%
3 Barclays 27,736.00 97 5.67%
4 Bank of America Merrill Lynch 26,939.73 123 5.51%
5 Deutsche Bank 23,318.61 103 4.77%

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Rank Lead Manager Amount $m No of issues Share %
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1 Barclays 10,133.09 20 11.18%
2 Bank of America Merrill Lynch 7,471.18 17 8.24%
3 Deutsche Bank 6,325.89 29 6.98%
4 Santander 5,551.04 18 6.12%
5 BNP Paribas 5,364.90 23 5.92%

Bookrunners of European HY Bonds

Rank Lead Manager Amount €m No of issues Share %
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1 Citi 799.80 6 9.13%
2 Deutsche Bank 710.75 5 8.11%
3 JPMorgan 703.06 6 8.02%
4 BNP Paribas 554.64 4 6.33%
5 Goldman Sachs 489.41 4 5.59%

Bookrunners of Dollar Denominated HY Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 Citi 6,897.71 44 11.44%
2 JPMorgan 5,722.96 42 9.50%
3 Bank of America Merrill Lynch 4,628.16 33 7.68%
4 Goldman Sachs 4,199.43 29 6.97%
5 Morgan Stanley 4,092.86 26 6.79%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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  • Last updated
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1 Barclays 6,090.31 21 5.93%
2 JPMorgan 5,522.59 18 5.38%
3 Citi 5,318.49 17 5.18%
4 Deutsche Bank 5,172.92 24 5.04%
5 Credit Agricole CIB 5,152.48 24 5.02%