CORPORATE LIABILITY MANAGEMENT: Odebrecht $550m/BRL500m tender and new issue

Jan 17, 2014

The Brazilian corporate’s tender offer and dual-currency new issue was well timed and executed

Brazilian construction firm Odebrecht spotted an opportunity to cut its funding costs in the second quarter — and leapt on it. Hindsight showed the operation could scarcely have been better timed. The triple-B rated borrower picked up on a fleeting moment of global investor demand for bonds denominated in Brazilian reais in early April. In a snappy execution led by BTG Pactual, Crédit...

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