OSX Bond Call Seen Unlikely

OSX Bond Call Seen Unlikely

Brazil Bonds

Brazil’s OSX is unlikely to call its 9.25% 2015 bonds this year, according to Barclays, which cites direct discussions with management at the Eike Batista-controlled shipbuilder. The decision comes contrary to the market’s expectations. “While we think [fellow EBX unit] OGX has significantly greater price upside potential, we still think OSX 2015s offer an attractive carry at current levels,” the shop says, noting that the bonds trade to yield 7.03% to the next March 2014 call, and 7.18% to the

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