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Gol Bond Dives in Aftermarket

Feb 8, 2013

Brazil's Gol has priced a new $200m 2023 NC5 bond, which struggled in the aftermarket after investors filled a modest $450m book. The Brazilian airline priced at 98.506 with a 10.75% coupon to yield 11.00%, in line with 11.00%-area guidance. The bonds later dipped 2.0 points in the grey, traders say, before recovering to 97.25-97.75 late Thursday. The...

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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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