Odebrecht scores dual-tranche hit

Odebrecht scores dual-tranche hit

Brazil Bonds

Odebrecht’s dual tranche BRL/dollar transaction was three times subscribed on Wednesday. The Brazilian construction firm sold a BRL500m 5-year bond yielding 8.375% and a $550m 12-year bond yielding 4.5%. Both tranches are rated Baa3/BBB-/BBB- and came inside initial price thoughts released on Tuesday of 8.5% and 4.625%. The dollar tranche came through the construction firm’s own curve, one banker says, citing Odebrecht’s 2022 bond trading to yield 4.33% and a 27bp pick-up in the swap curve out t

Already have an account?

Free trial

Take a free two-week trial now for the latest news, data and market analysis.

Free Trial