Braskem raises $500m, preps tender

Braskem raises $500m, preps tender

Bonds

Braskem joined the January rush to the bond market on Thursday, selling a $500m 10-year bond which will be used to fund a tender offer. The Baa3/BBB-/BBB- rated borrower drew some $5.5bn of demand for the bond, which was priced at par to yield 6.45%, a spread of 360.72bp over US Treasuries. Lead managers Bradesco, Citi, Credit Agricole, Deutsche Bank, and HSBC opened books with yield indication of high-6% area, revising that to 6.5% later in the day. Investors from the Americas bought nearly thr

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