Demand Swells for Caixa

Demand Swells for Caixa

Brazil Bonds

Brazil’s Caixa Economica Federal (CEF) drew $5.5bn in orders for its second-ever international bond sale, allowing the government-backed lender to upsize to $1.25bn. The Baa2/BBB bank priced the 2018 at 99.333 with a 4.500% coupon to yield 4.651%, or UST+325bp, in line with 325bp-area guidance that followed mid-300bp talk, according to people following the sale. The bonds traded flat to up 0.20 points in the grey market. The pricing level compares to the bank’s 2017 bond, which investors report

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