Brazil Builds Up 2023

Brazil Builds Up 2023

Brazil Bonds

Keeping with its goal of creating liquid benchmarks of up to $3.5bn in size, Brazil has reopened its 2023 bond for $750m. Expected to come to the market for weeks, the Baa2/BBB/BBB sovereign got about $3bn demand and boosted the outstanding size of the bond to $2.1bn. The 2.625%-coupon 2023 reopened at 98.946 to yield 2.750%, or UST+98bp, at the tighter end of 2.80%-area guidance that followed 2.80%-2.85% talk. The reopening offered approximately 7bp new issue concession to the 2023’s secondary

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