Brazilians draw praise for liability management efforts

Brazilians draw praise for liability management efforts

Bonds

Six Brazilian companies have taken advantage of a bond market rally to exchange or buy back bonds, in deals that have been welcomed by investors and could allow the companies to issue debt at better terms in the future, market participants have said. Fibria, Gerdau, Braskem, Marfrig and Votorantim Cimentos have closed liability management deals in the past six weeks, while BRF is expected to wrap up a tender offer this week. Their efforts to lower coupons and extend their maturity profiles come

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