AWARDS: Corporate Liability Management

AWARDS: Corporate Liability Management

Corporate & Sovereign Strategy Brazil

While most Brazilian issuers were shunned from the capital markets in the first half of 2015, food producer BRF managed to jump through a rare window to execute a substantial liability management exercise that included issuing a green bond with record pricing. BRF hit the euro market in June 2015 with a €500 million 2022 bond sale, Latin America’s second-ever “green” debt instrument.  Energía Eólica had sold a similar transaction — the proceeds of which must be used for environmentally sustainable operations — in December 2014. The timing of the issue was impeccable. In the five days prior to issuance, euro-swaps rallied by eight basis points allowing for BRF to lock in low rates. The Baa3/B

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