Brazil was able to sell dollar bonds worth USD 3.2 billion. The bonds would mature in 2025, setting a new standard in security in international markets. Brazil sold USD 1.5 billion in exchange for cash which would be used to buy back its outstanding debt. The debts were due from 2017 to 2030. About USD 1.7 billion worth of bonds were exchanged by the government directly with existing investors.
Data gathered by Bloomberg showed that the debt would yield 1.8 percentage points over US Treasuries that had similar maturity dates. The bond sale was managed by Banco Bradesco, Deutsche Bank and HSBC Holdings.
In a phone interview with Bloomberg, Prudential Financial Inc Money Manager David Bessey said about Brazil's bond sale, "From the sovereign's perspective, they're trying to clean up a lot of issues in which they've done partial buybacks before. There are issues out there that because they're relatively less liquid, they trade cheaply. They'll try to take those out and at the same time establish a new benchmark.
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