Falabella became Chile’s first corporate
borrower to sell a global peso transaction in late April,
adding a $200 million-equivalent tranche to a $500 million
dollar bond. The triple-B rated borrower paid a reoffer yield
of 6.5% on the peso tranche and 3.861% for the dollars. The
deal came amid a busy March and April for Latin
America’s debt markets, and followed a handful of
global real transactions. Cosan raised $750 million in a dual
currency deal in early March. Investors placed $9 billion in
orders for the debt from the energy and infrastructure company.
It sold a 500 million real ($252 million) 2018 tranche to yield
9.625%, alongside the initially planned $500m 2023 tranche,
which is callable in 2018 and was priced to yield 5.15%.
"Conditions are ripe for Brazilian corporates to issue in
reais," Cosan chief executive Marcos Lutz told LatinFinance.
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