Brazil lifts $1.5bn at crest of emerging bond wave — then prices crash back

Brazil launched one of its most successful bond issues ever this week — a blow-out $1.5bn 30 year global — only to find that this year’s dizzying bull run in emerging market debt ran out shortly after launch.

  • 16 Jan 2004

By then, Brazil was home and dry with a deal increased from $1bn and priced at a yield of just 8.75%. But the sovereign’s secondary spreads rode a rollercoaster — soaring more than four points on the break, only to plunge hours later as investors suddenly moved to take profits.

Brazil’s sovereign peers ...

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All International Bonds

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 JPMorgan 199,466.05 906 8.12%
2 Citi 187,892.62 783 7.64%
3 Bank of America Merrill Lynch 161,014.35 666 6.55%
4 Barclays 149,926.07 598 6.10%
5 HSBC 123,946.37 656 5.04%

Bookrunners of All Syndicated Loans EMEA

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Credit Agricole CIB 23,633.73 92 7.86%
2 BNP Paribas 23,003.99 95 7.65%
3 Bank of America Merrill Lynch 17,426.11 50 5.79%
4 JPMorgan 15,739.03 45 5.23%
5 UniCredit 13,635.58 75 4.53%

Bookrunners of all EMEA ECM Issuance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Morgan Stanley 6,682.32 29 10.24%
2 JPMorgan 6,266.27 38 9.60%
3 Goldman Sachs 5,596.92 27 8.57%
4 Citi 4,216.64 31 6.46%
5 UBS 4,205.38 21 6.44%