Cosan Invigorates Perpetuals

Cosan Invigorates Perpetuals

Brazil Asia Bonds

Cosan has raised $300m in NC5 perpetual bonds, offering buyers a yield that appeared to compensate for recent skepticism surrounding the structure. The sugar and ethanol producer drew more than $900m in orders, according to bankers on the deal, and was up about 0.25 point in the aftermarket, according to investors. The Ba2/BB issue priced at par with an 8.25% coupon to yield the tight end of 8.25%-8.50% guidance. “We are constructive on Cosan, and see any price above 8.00% as attractive and reco

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