Corporates queue after BNDES reopens LatAm

08 Jan 2010

Several Latin American companies are lining up to issue debt after BNDES reopened the market on Tuesday with a deal that took full advantage of January liquidity and positive perceptions of Brazil. At a launch yield of 5.63%, on guidance of 187.5bp over Treasuries, the agency’s $1bn 10 year issue was priced aggressively, according to bankers.

"It went well, but it was on the tight side," said an emerging markets specialist in New York. "Guidance was at one and seven eighths, and they couldn’t even take off the last 2.5bp to tighten guidance. For the issuer it was a good trade, but it was ...

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