BTG Pactual Gives Little in $1bn Sale

BTG Pactual Gives Little in $1bn Sale

Brazil Bonds

Banco BTG Pactual was seen giving up less than 10bp concession in a $1bn 2020 bond sale that drew more than $6.5bn in orders. The Brazilian bank becomes the first non-sovereign to tap the DCM in 2013, and should be followed by at least three other borrowers today. BTG was able to tighten significantly as it built a $3bn book by 10:00am Wednesday. The Baa3/BBB minus senior bond priced at 99.247 with a 4.00% coupon to yield 4.125%, or UST+286.1bp, the tight end of 4.25%-area guidance brought in fr

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