Cosan Ratchets Down Yield in $750m Sale

Mar 8, 2013

Cosan’s return to the international bond market raised $750m, tightening yields from initial guidance in one of the more well-bid DCM sales in recent memory. Capitalizing on a scarcity of strong double-B Brazilian credits, the energy and infrastructure company got $9bn in orders and issued a 2018 BRL-denominated tranche alongside the initially planned 2023 NC5 USD bond. The $500m 2023 NC5 priced at 98.839 with a 5.000% coupon to yield 5.150%, or UST+315.7bp, the tight end of 5.250%-area guidance revised from 5.50%-area following earlier...

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