Brazilian Clinches HY Bond

Brazilian Clinches HY Bond

Brazil Bonds

Following a brief shutdown in the cross-border bond market last week, Usina Sao Joao Acucar e Alcool (USJ) has emerged, generating a $870m-plus book on a $275m 2019 NC4 bond. The Brazilian debut high-yield issuer priced at 98.768 with a 9.875% coupon to yield 10.125%, at the tight end of 10.375% guidance and mid-10% area whispers. “Good for investors getting a 10.125% yield, and as for the company, they were trying to extend maturities and willing to pay to extend debt of high yield secured term

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