Caixa prints five-year but pricing irks buyers

Caixa prints five-year but pricing irks buyers

Bonds

Brazil's Caixa Economica Federal (CEF) sold a 4.25% $1.3bn five-year bond on Tuesday, in a deal that left some investors frustrated over the tight pricing. BB Securities, Bank of America-Merrill Lynch, Bradesco, BTG Pactual, Itau and JPMorgan priced the bond to yield 265p over US Treasuries, 20bp tighter than initial price thoughts. The deal caught some criticism from investors who said the yield on offer was too thin: “I’ll very vocally complain,” said one. “By the time the deal prices they put

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