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$2 Billion ESG USD Benchmark Bond Issue Launched

BRAZIL
  • Brazil is offering $2 billion in bonds due 2031 to yield 6.50%, less than the initial price talk of about 6.8%, according to a person familiar with the matter.
  • The proceeds of the notes will be allocated to green and social projects under the country’s newly approved framework for sustainable bonds, according to a filing.
  • Full details from Bloomberg of the launched deal: $2b Long 7Y Sust. to Yield 6.5%
    • Final guidance 6.5%#, IPT 6.8% area
    • Issuer: Federative Republic of Brazil (BRAZIL)
    • Exp. Ratings: Ba2/BB-/BB
    • Format: SEC registered, senior unsecured, sustainability bond
    • UOP: Brazil will use the net proceeds of the offering for the repayment of outstanding external federal public debt. Brazil intends to allocate an amount equal to the net proceeds of the offering to finance and/or refinance eligible green and/or social projects applicable under Brazil’s Sovereign Sustainable Bond Framework
    • Settlement: Nov. 20, 2023 (T+5)
    • Denoms: 200k x 1k
    • Bookrunners: ITAU, JPM, Santander
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