Brazil Retap Spread Scrapes Bottom

Brazil Retap Spread Scrapes Bottom

Brazil

Brazil pounced on low treasury yields to grab $500m from the bond market before year end, reopening its 2019 at a 4.750% yield, the lowest-ever for the issuer and among the lowest ever in the region. “Brazil took the opportunity while sovereign spreads were tight,” says Nick Chamie, head of EM research at RBC Capital Markets, adding that he also expects the sovereign back in the markets for a new benchmark in January. It was the second retap this year for the 5.875%-coupon issue, reopened at 108

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