Brazil goes large in dollars

Brazil goes large in dollars

Bonds

Brazil sold its first dollar bond of the year on Wednesday, pricing a $3.5bn transaction that is understood to include $1.5bn of new cash and $2bn that will be financed with a liability management exercise. Bookrunners Bank of America Merrill Lynch, Deutsche Bank and Itau were heard to take $4.3bn in orders for the new issue, which carries a 5% coupon and was priced at 97.992, to yield 5.131%. The bond was sold at a spread of Treasuries plus 187.5bp, down from a price guidance range of 190bp plu

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