Maranhao Pass-through Notes Cross Finish Line

Maranhao Pass-through Notes Cross Finish Line

Brazil Bonds Structured Finance

The Brazilian state of Maranhao has sold $662m in 2023 pass-through notes backed by a government-guaranteed loan, according to people following the transaction. The Brazil Loan Trust I special purpose vehicle priced at 103.642 with a 5.477% coupon to yield 4.800%. The bonds have a 6.5-year average life and are backed by a 5.477% $662m Brazilian government-guaranteed loan from Bank of America Merrill Lynch, with the loan sold to the SPV that issues the bonds. Bank of America Merrill Lynch was sol

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