Brazil Sees First Infrastructure Debenture

Brazil Sees First Infrastructure Debenture

Brazil Bonds

While small even by domestic market standards at BRL25m ($12m), ACS’s Montes Claros transmission project has priced Brazil’s first infrastructure debenture to be placed with investors, according to sources familiar with the transaction. The 17-year inflation-linked debenture pays 8.75%, and features a security package pari-pasu with the issuer’s BRL123m in BNDES debt. Proceeds will fund about 10% of the transmission project. BNP Paribas structured and managed the transaction, placed with 18 of t

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