GC Asia
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.
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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