Cyrela Prints Follow-On In Down Day

Cyrela Prints Follow-On In Down Day

Brazil Equity

After seeing its stock careen 6.9% yesterday, Cyrela printed its follow-on at BRL22.00, a 1.8% discount to the close of BRL22.40. The offering consists of 43m primary shares, plus 4.3m hot issue shares and an expected 6.5m greenshoe shares, which together yield gross proceeds of BRL1.18bn. The weak performance is in line with the rest of the sector Tuesday. PDG Realty fell 5.7%, Rossi fell 7.2%, Multiplan fell 3.0%, MRV was down 4.9% and Gafisa dropped 7.1%. The Bovespa fell 3.0%. “Real est

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