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 FundsLeading 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 earlier,...
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