Brazil's Rumo sells 2025s inside of guidance

Brazil's Rumo sells 2025s inside of guidance

Bonds Debt Capital Markets Corporate & Sovereign Strategy Fixed Income Brazil

Brazil’s Rumo inked its second cross-border issuance in less than a year, raising $500m in 2025 non-call four notes, DCM sources confirmed. Bank of America Merrill Lynch, BB Securities, Bradesco, Itau BBA and Santander started price talk in the low-to-mid 6% area, before tightening yield to 6.125% at guidance. Leads priced the transaction with a 5.875% coupon to yield 6%, or a reoffer price of 99.294, one DCM banker on the transaction said. Investors weighed Rumo's high leverage levels and the s

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