Cielo Makes DCM Debut

Nov 12, 2012

Brazilian credit card payment processor Cielo has raised $875m in the debt capital markets, in a sale that saw the low yield and high demand that has become commonplace this year among LatAm’s blue chip issuers. Orders for the 2022 bond were heard reaching $6.5bn, with investors drawn to a BBB+/Baa2 rating, strong market share, and part ownership by Banco do Brasil (28.65%) and Bradesco (28.65%), to generate interest at initial mid UST+200bp-area whispers, before bringing pricing...

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