Banco do Brasil taps euros ahead of dollar market fizzle

Banco do Brasil taps euros ahead of dollar market fizzle

Bonds

Brazilian lender Banco do Brasil tapped its 3.75% €700m ($968m) 2018 bond on Wednesday, adding €300m on the back of around €750m in demand. The deal was well-timed, with books closing ahead of the US Federal Reserve’s statement which soured market conditions on Wednesday afternoon. Lead managers Banco do Brasil, Bradesco, Deutsche Bank, HSBC, JPMorgan and Santander first indicated the reopening at 235bp over mid-swaps, and priced the tap 5bp tighter, offering a yield of 3.169%. That equated to a

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