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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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At a fundamental level, the issue is how to generate healthy returns in the medium to long term. Policy holders can see their fund go down over the course of a week or a month, but what we really should be looking at is returns over 20 or 30 years.

Daniel Schydlowsky, Peru’s banking, insurance and private pension fund regulator


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