Gerdau Forges New Benchmark

Gerdau Forges New Benchmark

Brazil Bonds

Brazil’s Gerdau has priced a new $750m bond, getting more than $2bn demand in a deal representing a reopening for Brazilian steelmakers. The Baa3/BBB minus 2023 priced at 99.020 with a 4.750% coupon to yield 4.875%, at the tight end of 4.875%-5.000% guidance revised from 5.125%-area. The bond was trading flat to slightly up in the aftermarket Monday, according to investors. Buysiders and bankers following the transaction saw the pricing as comparing favorably to the curve, with the steelmaker’s

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