Brazilian Reopens Perp Market

Brazilian Reopens Perp Market

Brazil Bonds Structured Finance

Brazilian construction firm OAS has raised $500m in perpetual NC5 bonds, seeing $5.5bn demand in LatAm’s first corporate perp sale of the year. The B1/BB minus/B+ transaction priced at par with an 8.875% coupon, to yield in line with 8.875% -area guidance that followed mid-9% initial price thoughts. With few appropriate or recent high-yield perp deals to comp against, leads were heard pinning at least 200bp pickup to OAS’s outstanding 2019 NC4 bond, seen trading to yield 6.60%-6.80%. “We like th

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