Samarco Mines $5.6bn in Demand

Samarco Mines $5.6bn in Demand

Brazil Bonds

Brazil’s Samarco Mineracao has raised $1bn in new 2022 bonds, getting more than $5.6bn in orders for its debut in the international market. The BBB/BBB Brazilian miner priced the bond at 99.320 with a 4.125% coupon to yield 4.209%, or UST+245bp, the tight end of UST+262.5bp-area guidance which followed mid-to-high UST+200bp whispers. The deal was said to offer a 50bp pickup to Vale’s 2022 bonds, which were quoted at 195bp on a curve-adjusted basis. Approximately 310 accounts participated, with f

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