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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 99,566.90 454 5.86%
2 Bank of America Merrill Lynch 99,003.09 435 5.83%
3 Citi 84,614.01 445 4.98%
4 Barclays 72,949.56 288 4.29%
5 Goldman Sachs 67,513.91 265 3.97%

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1 BNP Paribas 21,922.23 100 8.75%
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%

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Rank Lead Manager Amount €m No of issues Share %
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1 BNP Paribas 4,293.59 52 7.15%
2 Deutsche Bank 3,871.16 39 6.45%
3 Goldman Sachs 3,757.37 32 6.26%
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Bookrunners of Dollar Denominated HY Bonds

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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%