Brazilians Reopen Bonds
Brazilian issuers took advantage of the brightening mood in the international capital markets in September. The Brazilian government and the country's state-owned oil company, Petrobras, both nipped into the market to reopen existing bonds. Brazil closed its funding needs for 2003 with a $750 million reopening of its $500 million, 2011 issue. Citigroup and Goldman Sachs lead managed the bond, which has a maturity of seven years and eleven months, and carries a coupon of 10%. Brazil went to the market with the goal of raising $650 million and the lead managers were able to help it attract an additional $100 million in commitments. The bond, which had an issue price of
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