Rating: B1/BB-
Amount: Eu250m (fungible with Eu750m issue launched 08/09/04)
Maturity: September 24, 2012
Issue price: 101.875
Coupon: 8.5%
Spread at launch: 439bp over the 5% July 2012 Bund
Launched: Wednesday September 22
Sole mgr: Dresdner Kleinwort Wasserstein
Bookrunner's comment:
Since we did the original transaction there have been a number of good things that have happened in Brazil. They've seen two rating upgrades to B1 and BB- so that continues the positive momentum. We continued to see good performance and secondary demand for the deal. That led us to the decision that we could increase it.
The reopening was done at a yield of 8.17% compared with the initial yield at launch of 8.7%.
The reopening was three times over-subscribed and we sold it to a mixture of the same accounts wanting more bonds and new accounts that missed out on the first deal.
Market appraisal:
?...the increase sold quickly and did not upset the market. From that perspective it was a good deal.?
Mexico
