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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 125,350.32 549 5.88%
2 Bank of America Merrill Lynch 124,158.29 525 5.83%
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1 BNP Paribas 28,401.19 124 8.94%
2 Deutsche Bank 22,113.09 83 6.96%
3 SG Corporate & Investment Banking 20,892.79 99 6.58%
4 UniCredit 17,012.87 79 5.36%
5 HSBC 16,474.81 91 5.19%

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1 Goldman Sachs 5,527.11 43 7.83%
2 BNP Paribas 4,918.81 57 6.96%
3 Deutsche Bank 4,372.15 44 6.19%
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Bookrunners of Dollar Denominated HY Bonds

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1 JPMorgan 19,901.51 153 10.02%
2 Goldman Sachs 14,830.49 106 7.47%
3 Credit Suisse 13,745.94 98 6.92%
4 Bank of America Merrill Lynch 13,267.41 122 6.68%
5 Morgan Stanley 12,977.13 92 6.53%

Bookrunners of European Corporate IG Bonds

Rank Lead Manager Amount $m No of issues Share %
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1 HSBC 28,288.85 117 5.96%
2 BNP Paribas 27,573.48 118 5.81%
3 Barclays 26,271.31 92 5.53%
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