BNDES taps dollar market

BNDES taps dollar market

Bonds

Brazilian state development bank BNDES raised $1.5bn in a dual-tranche transaction on Monday that saw strong demand from fund managers, according to sources. The development lender sold $1bn in 2019 notes and reopened its 2023 bonds to raise a further $500m. Total demand for both deals reached around $5.5bn. The 2019s sold at a yield of 4.054%, while the 2023s sold at a yield of 5.322%. “For a quasi-sovereign bank this was a pretty secured commodity. The Brazil sovereign issued in euros and we h

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