January 12, 2018 |
Rede D'Or Sao Luiz became the latest Brazilian credit to raise debt this week, with a $500m 2028 bond sale on Thursday.
Bank of America Merrill Lynch, Bradesco, BTG Pactual, Itau BBA and JPMorgan started initial price talk in the low-to-mid 5% area, before tightening yield to 5% area at guidance.
Orders peaked at $3.75bn throughout the day, prompting the banks to price the trade at par to yield 4.95%, DCM sources confirmed.
Comparables included Ultrapar's 5.5% 2026 notes, which were spotted at a
Brazilian hospital operator capitalizes on favorable market conditions, sells $500m in 2028 paper