Odebrecht Taps Long Bonds for LM

Odebrecht Taps Long Bonds for LM

Brazil Bonds

Brazil’s Odebrecht is set to replace shorter debt with cheaper 30-year money, having reopened its 2042 bonds for $450m. The Baa3/BBB minus sale takes the outstanding size to $850m and will fund a tender offer for 2020 and 2023 bonds. The builder reopened the 7.125% coupon bonds at 116.266 to yield 5.95%, at the tight end of 6.00% (+/- 5bp) guidance, that followed low-6.00% whispers. Investors put in for $2.2bn in demand and the bonds were trading up 0.05-0.25 points in the grey, according to an

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