BNDES Sacrifices Size for Pricing

BNDES Sacrifices Size for Pricing

Bonds Structured Finance Brazil

Brazilian development bank BNDES was thought to have sacrificed size for tighter pricing Wednesday after it printed a CHF200m ($239m) 5-year bond at 99.674 to yield 2.818%, or mid-swaps plus 140bp, in-line with guidance. Size came lower than the CHF250m some investors were hearing during roadshows last week, but the borrower was seen satisfied with the comparatively attractive spread and happy to settle for a smaller amount. “We could have done up to $1bn, but having a well priced benchmark

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