ABC Wades Into BRL Pool

ABC Wades Into BRL Pool

Brazil Bonds

Banco ABC Brasil has priced a BRL250m ($124m) global-BRL bond, receiving about 2x demand in its first-ever cross-border real-denominated sale. The Baa3/BBB minus senior unsecured 2016 notes priced at par with an 8.5% coupon, in line with 8.5%-area guidance and earlier mid-to-high 8% talk. Though not as well bid as some of the recent global BRL transactions including Cosan and Santander Brasil, bankers on the deal say ABC offered an “adequate” premium to larger and higher rated Santander Brasil’s

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