Gerdau Forges New Benchmark

Apr 9, 2013

Brazil’s Gerdau has priced a new $750m bond, getting more than $2bn demand in a deal representing a reopening for Brazilian steelmakers. The Baa3/BBB minus 2023 priced at 99.020 with a 4.750% coupon to yield 4.875%, at the tight end of 4.875%-5.000%...

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“The crisis has been a setback for reserve diversification."

Jan Dehn, Ashmore Investment Management