Ultrapar Preps Chunky CP

Ultrapar Preps Chunky CP

Brazil

Continuing the trend of top Brazilian corporates raising short term debt in the local market, Ultrapar, the Brazilian utility company, will seek to place BRL1.2bn in 360-day promissory notes, the local equivalent to commercial paper. With local debt markets virtually shut to new long dated deals, the country’s top names have resorted to funding themselves in the CP market. Cosan and Oi/Brasil Telecom have also recently landed chunky promissory notes. The latter managed to get its lenders to agre

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