Mall Operator Shrinks Hybrid Perp

Mar 14, 2012

Brazil’s General Shopping (GS) has wrapped up a new $150m hybrid perpetual bond, coming in under a $250m size limit. The transaction, with a structure seen as somewhat complicated, was heard getting 1.5x demand and dominated mostly by retail accounts. “This deal is subordinated with interest deferral among other features, so it offered 200bp to help compensate,” says a person familiar with the transaction, referring to levels versus the mall operator’s...

To continue reading please take a free trial, subscribe or login below.


Already have an account?

Subscribe

Subscribe now for unlimited access to all current and archive news, data and market analysis. 

Subscribe

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial

LatinFinance Events

Poll

Are populist governments like Venezuela & Argentina turning pragmatic?

Vote    




“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management