Brazilian Miner Taps Dollar Market

Brazilian Miner Taps Dollar Market

Brazil Bonds

Brazil’s Samarco Mineracao has raised the maximum $700m allowed in its second ever international bond sale. Books on the new 10-year USD benchmark reached $5.6bn, allowing the issuer to tighten by 32bp. The privately-held mining company priced the 2023 at 98.879 with a 5.75% coupon to yield 5.90% or UST+330bp, at the tight end of 335bp-area guidance that followed 362.5bp talk. Bankers away from the deal calculated a 15bp premium, based on a 315bp level seen on Samarco’s outstanding 2022. Bankers

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