Oi trades down after follow-on

Oi trades down after follow-on

Equity

Oi’s shares traded down on Tuesday, as the market digested the Brazilian telecom’s jumbo share sale that was priced on Monday. Still, they stayed above the pricing levels set on the BLR14.9bn ($6.7bn) transaction – which was BRL2 for the firm’s common shares and BRL2.17 on the preference shares. Oi’s common shares closed at BRL2.11 on Tuesday, down 10.97% on the day. “That’s a 5% pop on a follow-on of that size — that’s good outcome,” said one market participant following the transaction. The co

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