Secondary Marketplace - Business & Banking

Secondary Marketplace - Business & Banking

Bonds

Aracruz Offers AAA Bonds In February, Aracruz, the Brazilian paper and pulp producer, issued $250 million in seven-year bonds backed by export receivables. The bonds were issued at par with a fixed annual coupon of 5.984%. Agílio Macedo, CFO of Aracruz, says the bonds will refinance maturing long-term debt and will also replace $130 million-worth of eurobonds that matured last year. The securitization structure, which has become increasingly popular for Latin American corporates over the past year, allowed the bonds to achieve an investment grade rating of BBB- from Standard&Poor's. "The securitization structure will allow us to issue new tranches of the bond in the future ba

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