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Brazilian Clinches HY Bond

Nov 5, 2012

Following a brief shutdown in the cross-border bond market last week, Usina Sao Joao Acucar e Alcool (USJ) has emerged, generating a $870m-plus book on a $275m 2019 NC4 bond. The Brazilian debut high-yield issuer priced at 98.768 with a 9.875% coupon to yield 10.125%, at the tight end of 10.375% guidance and mid-10% area...

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The most pressing issue is related to guaranteeing this growth of the system, the savings. We have to guarantee that this growth is followed by better asset managers on the side of the Afores.

Carlos Ramírez, Mexico’s pension regulator, Consar


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