Light sells five-year paper tight to IPTs

Light sells five-year paper tight to IPTs

Bonds Debt Capital Markets Corporate & Sovereign Strategy Fixed Income Brazil Rule 144a/ RegS

Light Energia followed up investor meetings on Tuesday with an immediate $600m five-year bond issuance, DCM sources confirmed. Underwriters started initial price talk (IPT) in the mid 7% area after Cemig, a 49% shareholder in Light, was spotted offering roughly 7.4% in yield for its 9.5% 2024 bond in secondary markets last week. "Cemig is a good comparable, but Light is a better name," according to one investor who deemed Light's IPTs "very attractive." Cemig issued its $1bn in 2024s last Novemb

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