Brazilian Reopens Perp Market
Brazilian construction firm OAS has raised $500m in perpetual NC5 bonds, seeing $5.5bn demand in LatAm’s first corporate perp sale of the year. The B1/BB minus/B+ transaction priced at par with an 8.875% coupon, to yield in line with 8.875% -area guidance that followed mid-9% initial price thoughts. With few appropriate or recent high-yield perp deals to comp against, leads were heard pinning...
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