Cosan Gets Strong Bid for BRL Reopening

Cosan Gets Strong Bid for BRL Reopening

Brazil Bonds

Cosan has retapped its 2018 BRL-denominated bonds to raise BRL350m ($175m), getting BRL1.1bn in orders. The 9.500% bond reopened at 102.75 to yield 8.803%, the tight end of 102.25-area guidance. The deal was seen offering a 1.0 point discount to a 103.75 level pre-announcement trading level. The bond traded at 102.75-103.5 Tuesday following the transaction. The total size now stands at BRL850m, following the original sale March 8 that was part of a $750m offering also including a dollar tranche.

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