March 28, 2019 |
Brazil's Klabin raised $1bn from a two-part bond deal on Wednesday, but it saw orders retreat from a peak of $2bn as a sell-off in the stock market spooked some investors, LatinFinance has heard.
"We lost some orders," said a banker on the deal.
The order books topped out at $2bn, but then declined to around $1.5bn, he said. Still, a lack of quality bonds from Latin American issuers, plus the high participation in a bond buyback, encouraged some buyers to get the new notes, he added.
Brazilian paper company shrugs off stock market volatility to price $1bn in new 10- and 30-year notes