Minerva Sets Yield Target

Minerva Sets Yield Target

Brazil Bonds

Brazil’s Minerva has indicated 8.25%-area guidance for a new 2023 bond expected to price today. The issuer was heard with $2.25bn in orders Wednesday afternoon, for what should be a minimum $500m size. The yield level has been brought in from mid-to-high 8% initial price talk. Minerva plans to use proceeds to fund a cash tender launched January 11. The issuer is looking to replace its 9.500% 2017, 10.875% 2019 and 12.250% 2022 bonds. Minerva is offering holders $1,105 per $1,000 principal of the

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