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Builder Brings Back Brazilian High-yield

Oct 15, 2012

After a six-month absence, Brazil has finally seen a cross-border high-yield bond sale, with B rated OAS raising $500m Friday. The builder, developer and concession operator got more than $5bn in orders, and was joined last week by B minus rated Rodopa tapping the RegS market for $100m. High-grade issuers and banks have maintained access, but Brazil’s macro picture and broader risk appetite trends have meant a lack of high-yield issuance, even as a few lower-rated names from countries...

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

Jan Dehn, Ashmore Investment Management


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