Best Corporates: Building trust

Jun 28, 2013

Odebrecht has demonstrated its agility across the capital markets, slashing its funding costs along the way

A large and familiar borrower in the debt capital markets, Odebrecht still has a knack for impressing with smoothly executed trades. One such stand-out came in June 2012, when the construction firm raised $1 billion in 10-year and 30-year paper.

Investors lapped up the long bonds. The paper quickly rallied from the 7.25% reoffer yield, encouraging the builder to tap them soon after. It added $450 million of 30 year debt at a 5.95% yield in October. Odebrecht used the proceeds of the reopening to buy back an equivalent amount of eight-year and 11-year notes yielding 7% and 6%, respectively.

A number of companies were in contention for Brazilian corporate with the best capital markets strategy, with many having demonstrated exemplary use...

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