Perpetual push petering out after Braskem raises $450m but sees bond widen by 20bp

Corporate Latin America’s rush to lock in low interest rates via perpetual bond issues — often refinancing more expensive older undated debt at the same time — could be close to ending after the sector showed signs of saturation.

  • 01 Oct 2010
This week’s $450m sale by Brazilian petrochemicals firm Braskem followed compatriot steelmaker Companhia Siderurgica Nacional (CSN)’s deal two weeks ago in widening in secondary trading. Braskem priced its perp on Monday though lead managers HSBC, Itau and Deutsche Bank. The 7.375% bond has widened by around 20bp, according ...

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Bookrunners of International Emerging Market DCM

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
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1 Citi 16,300.75 48 13.50%
2 HSBC 11,698.98 55 9.69%
3 JPMorgan 9,404.85 38 7.79%
4 Deutsche Bank 7,715.91 23 6.39%
5 Bank of America Merrill Lynch 7,556.09 29 6.26%

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1 Citi 6,966.21 15 18.75%
2 HSBC 4,464.24 7 12.01%
3 Deutsche Bank 4,144.09 3 11.15%
4 JPMorgan 3,634.02 11 9.78%
5 Bank of America Merrill Lynch 3,462.62 12 9.32%

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1 Citi 6,349.67 14 16.63%
2 Standard Chartered Bank 4,123.51 10 10.80%
3 HSBC 3,809.40 11 9.97%
4 JPMorgan 3,411.33 12 8.93%
5 Bank of America Merrill Lynch 2,765.80 5 7.24%

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5 Citi 95.36 35 5.16%

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1 ING 3,668.64 29 9.01%
2 UniCredit 3,440.98 25 8.45%
3 Sumitomo Mitsui Financial Group 3,156.55 13 7.75%
4 Credit Suisse 2,801.35 8 6.88%
5 SG Corporate & Investment Banking 2,478.18 21 6.09%

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1 AXIS Bank 669.49 16 14.67%
2 Standard Chartered Bank 435.32 5 9.54%
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5 Citi 280.89 2 6.15%