January 19, 2018 |
Brazil capitalized on Thursday's conditions to add $1.5bn to its 5.625% 2047 bonds, DCM sources said.
Citi, HSBC and Morgan Stanley started price talk at 5.8%, before reeling yield to 5.6% at guidance, sources said. The trio, however, did not tighten spreads any further, launching at 5.6%, or 271bp over US Treasuries.
Investors welcomed the 10bp concession, based on where Brazil's 2047s were spotted at prior to launch. Edwin Gutierrez, the head of EM sovereign debt at Aberdeen Standard Investmen
Sovereign issuer adds $1.5bn to its existing paper, comes in tight to price talk