QGOG Floats Debut Corporate Bond

QGOG Floats Debut Corporate Bond

Brazil Bonds

Queiroz Galvao Oleo e Gas (QGOG) has issued its first non-project bond in the cross-border markets, raising $700m, up from an originally planned $600m. The BB+/BB minus Brazilian oil services provider drew more than $3bn in orders. The 2019 NC4 priced at 98.612 with a 6.250% coupon to yield 6.500%, at the tight end 6.750%-area guidance revised from 7.000%-area. Investors put in for more than $3bn in orders, with some noting a pickup. “It’s a great credit, and this deal came 200bp-300bp back to e

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