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Brazil Launches $2.25Billion Bond Sale, First Offer Under President Lula

BRAZIL
  • Brazil has joined other developing nations in selling dollar bonds, its first test of global debt markets since 2021 and under the reign of President Luiz Inacio Lula da Silva’s administration.
  • Brazil is selling $2.25 billion in bonds due 2033 to yield 6.15%, lower than the initial price talk of between 6.5% and 6.625%, according to to person familiar with the matter.
  • Details via Bloomberg: LAUNCH: Brazil $2.25b 10Y to Yield 6.15%
  • $2.25b 10Y Fixed (Oct. 20, 2033) to Yield 6.15%
    • Guidance 6.2%a (+/-5), IPT 6.5%-6.625%
  • Issuer: Federative Republic of Brazil (BRAZIL)
  • Exp. Ratings: Ba2/BB-/BB-
  • Format: SEC registered, senior unsecured
  • MWC
  • UOP: For repayment of outstanding indebtedness
  • Settlement: April 13, 2023 (T+5)
  • Denoms: 200k x 1k
  • Bookrunners: BNPP, BofA, MS

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