Colombia Boosts Bond Buyback
Strong investor demand allowed Colombia to increase
its buyback of dollar- and euro-denominated bonds to $1.13
billion from a planned $700 million in the sovereign's largest
liability management operation ever. The deal covers 11
different series of bonds with maturities ranging from 2007 to
2033. Like many Latin American governments, Colombia is
reducing issuance of foreign currency-denominated bonds and
increasing sales of bonds in its own currencies both in the
domestic and global markets. Goldman Sachs and Merrill Lynch
led the deal.
Brazilian Perpetuals Raise Funds
Leading Brazilian steelmaker Gerdau raised $600 million with a
perpetual global bond, twice the amount it expected to be able
to borrow. Demand for the bonds hit $2.5 billion. HSBC and
Citigroup led the offering. Interest on the bonds was set at
8.875%, below initial price guidance of 9%-9.25%. The bond has
a put option at year five. Two days...
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