Brazil shrugs off downgrade with euro sale

Brazil shrugs off downgrade with euro sale

Brazil’s sovereign downgrade just four days earlier did not worry investors on Thursday — they rushed into the borrower’s 2.875% €1bn 2021, pushing pricing tight. Bookrunners Banco do Brasil, JPMorgan and Santander received €2.7bn in orders, LatinFinance heard. That allowed them to tighten the price to 165bp over mid-swaps, the tight end of final guidance of 165bp to 170bp, and in from initial price thoughts of 175bp over. The bond was priced at 99.464, equating to a yield of 2.961%. Deman

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