BTG Pactual capta US$ 1 bilhão e abre mercado de bônus

Bianchi do BofA: "empresas não
precisam mais esperar
captação soberana"

O BTG Pactual deu a largada nas emissões do Brasil ontem ao captar US$ 1 bilhão com bônus sem garantias reais e com vencimento em sete anos. Com a operação, o banco comprovou o apetite de investidores estrangeiros por ativos de renda fixa do país: a demanda pelos papéis foi superior a US$ 6 bilhões, segundo uma fonte próxima da operação.

Inicialmente, a ideia era levantar entre US$ 500 milhões e US$ 750 milhões a uma taxa de rendimento ao investidor de 4,5% ao ano. Mas, diante da forte demanda, o banco ampliou o tamanho da oferta e assim conseguiu reduzir a taxa paga aos investidores.

No fim, o rendimento ao investidor ficou em 4,125% ao ano, sendo que o cupom (juro nominal) ficou ao redor de 4% ao ano - o preço final ainda não havia sido determinado até o fechamento desta edição. O BTG pode exercer o direito de emitir mais uma parte dos mesmos títulos no mercado asiático hoje, o que poderia, em tese, ampliar o tamanho da operação.

Investidor estrangeiro mira bônus do Brasil em 2013

A emissão de US$ 1 bilhão em bônus de sete anos do BTG Pactual, que foi a mercado ontem e contou com demanda seis vezes superior ao montante colocado, serve como um bom termômetro do apetite de investidores estrangeiros por títulos brasileiros. A percepção é que papéis de emissores locais terão forte apelo nos próximos meses.

Meirelles Dollar Loan Rates Top Libor by Most in Six Months

Brazilian dollar-based loan rates are climbing to a six-month high relative to those overseas as central bank President Henrique Meirelles boosts purchases of the greenback to slow the real’s world-beating rally.

Contracts due in January known as cupom cambial, a measure of annual dollar borrowing costs in Brazil, rose to 1.89 percent on Sept. 13, the highest level since July 23. The rate has jumped 11 basis points, or 0.11 percentage point, since Sept. 8, when the central bank started holding two daily auctions to buy dollars, helping create a shortage of the U.S. currency in the Brazilian loan market.

BNDES Sells 750 Million Euros of 7-Year Notes to Yield 4.243%

Sept. 9 (Bloomberg) -- Brazil’s state development bank, known as BNDES, sold 750 million euros of seven-year bonds, according to a person familiar with the offering.

The notes priced to yield 4.243 percent, or 200 basis points over the benchmark mid-swap rate,

Brazil Raises $787.5M From Overseas Bonds Issue

SAO PAULO (Dow Jones)--The Brazilian government, through National Treasury, said Friday that it raised a total of $787.5 million from an issue of dollar-denominated sovereign global bond due January 2021, more than the $750 million previously announced.

The increase in the final amount was prompted by an extra offer of bonds of $37.5 million to Asian investors, the government said.  The bonds were issued at 115.6 basis points over Treasurys to yield 5% a year.

Banco Bradesco Launches $750M 5Yr Bond;175 BPs Over Treasurys

Banco Bradesco Launches $750M 5Yr Bond;175 BPs Over Treasurys

NEW YORK (Dow Jones)--Banco Bradesco (BBD), Brazil's second-largest private bank, launched a $750 million, five-year-bond deal Tuesday, offering a premium of 175 basis points over comparable U.S. Treasury notes, according to a person familiar with the deal.

The bonds are rated Baa2 by Moody's and BBB by Standard & Poor's.

Banco Bradesco to Sell Benchmark Dollar Bond Overseas

Banco Bradesco to Sell Benchmark Dollar Bond Overseas

March 15 (Bloomberg) -- Banco Bradesco SA, Brazil’s second- largest lender by market value, plans to sell benchmark dollar bonds in its second overseas debt issue since September, said a person familiar with the transaction.

Goldman Sachs Group Inc., Banco Bradesco and Banco Votorantim will arrange the five-year bond offering, said the person, who declined to be identified because terms aren’t set. A benchmark sale typically means at least $500 million in size. The Osasco, Brazil-based bank sold $750 million of 10-year notes in September.

Banco Bradesco is returning to international bond markets after the company’s borrowing costs tumbled. The yield on Bradesco’s 6.75 percent bonds due in 2019 sank 44 basis points since September to 5.94 percent, the lowest since the securities were issued, according to data compiled by Bloomberg.

Latin Bond Sales to Rebound, Credit Suisse, BofA Say

Latin Bond Sales to Rebound, Credit Suisse, BofA Say

March 4 (Bloomberg) -- Latin American governments and companies will step up international bond sales in coming weeks after issuance slumped to a six-month low in February amid concern Greece will default, Credit Suisse Group AG and Bank of America Corp. said.

Sales totaled $1.8 billion last month, the lowest tally since August and down from $7.9 billion in January, according to data compiled by Bloomberg. Chile, which is seeking financing after its worst earthquake in five decades, may be among issuers to sell debt as markets open back up, said Michael Schoen, head of Latin American debt capital markets at Credit Suisse.

Banco do Brasil Sells $1 Billion of Bonds Overseas (Update2) - Bloomberg.com

Banco do Brasil Sells $1 Billion of Bonds Overseas
Jan. 15 (Bloomberg) -- Banco do Brasil SA, Latin America’s biggest bank, sold $1 billion of bonds in its second international dollar debt sale in three months.

The Brasilia-based bank issued $500 million of 10-year dollar bonds to yield about 2.38 percentage points above U.S. Treasuries and $500 million of five-year bonds to yield 2.2 percentage points more than Treasuries, according to Bloomberg data.

Banco do Brasil returned to the market after demand topped $14 billion for a bond sale in October, Chief Financial Officer Ivan de Souza Monteiro said in an interview last month. Today’s sale follows overseas debt issues by Banco Votorantim SA, Banco Industrial e Comercial SA and state development bank BNDES this month, part of an effort to boost lending in Latin America’s biggest economy.

“Brazilian banks have been very aggressive lending money in the local market,” said RBC Capital Markets analyst Eduardo Suarez, who is based in Toronto. “It’s a good time to get long- term financing to maintain their lending activity.”

Loan growth for Banco do Brasil and the banking industry will exceed 20 percent this year as the rebound in the country’s economy prompts companies and consumers to increase borrowing, Monteiro said.

The 8.5 percent perpetual bonds the bank sold in October yield about 3.83 percentage points over U.S. Treasuries due 2019, compared with an issue spread of 5.19 percentage points, according to data compiled by Bloomberg.

Banco do Brasil’s sale today is part of a push by emerging- market companies and governments to lock in lower borrowing costs before central banks begin raising interest rates.

Deutsche Bank AG, JPMorgan Chase & Co., BB Securities and Banco Votorantim arranged today’s transaction.

To contact the reporters on this story: Lester Pimentel at lpimentel1@bloomberg.net; Veronica Navarro Espinosa in New York at vespinosa@bloomberg.net
Last Updated: January 15, 2010 14:59 EST"

BNDES Sells $1 Billion of Bonds in Overseas Markets

Jan. 5 (Bloomberg) -- Brazil’s state development bank sold $1 billion of 10-year bonds today, marking the beginning of what analysts say will be a push by companies to secure financing ahead of October’s presidential election.

BNDES, as the bank is known, sold the bonds to yield 5.63 percent, or 187.5 basis points more than U.S. Treasuries. That yield spread is down from 300 basis points, or three percentage points, when it issued 10-year notes in its last overseas offering in June, according to data compiled by Bloomberg.

Rio de Janeiro-based BNDES is tapping debt markets before investors grow more cautious about buying the country’s corporate debt during the presidential campaign season, said Eric Ollom, chief strategist for emerging markets at Jefferies Group Inc. in New York.

“Brazil’s got a special case,” Ollom said. “For the six months of the year they have a very open window, but in the third quarter there’s going to be a lot of talk about the election. If I’m a Brazilian entity planning to sell debt, I’d rather do it sooner rather than later.” [more...]

Emerging-Market Bond Yield Spreads Decline on Global Recovery - Bloomberg.com

Dec. 21 (Bloomberg) -- The yield gap on emerging-market debt fell the most in almost two months on speculation the global economic recovery is gathering strength.

The extra yield investors demand to own developing-nation debt over U.S. Treasuries declined 14 basis points to 2.90 percentage points by 5 p.m. in New York, according to JPMorgan Chase & Co., the biggest drop since Oct. 29. The MSCI Emerging Markets Index dropped 0.4 percent to 946.42 after a gain in the dollar reduced the appeal of commodities including oil and sugar as alternatives.

more: Emerging-Market Bond Yield Spreads Decline on Global Recovery

Brazil Sells $500 Million of Bonds to Yield 4.75%

Brazil Sells $500 Million of Bonds to Yield 4.75%

Dec. 15 (Bloomberg) -- Brazil sold $500 million of 10-year bonds in the country’s fifth international dollar bond offering this year.

The South American country sold the bonds to yield 4.75 percent, down from 6.13 percent in an initial offering in January and from 5.80 percent in a second sale in May. Today’s yield was 1.14 percentage points more than U.S. Treasuries. The government said in a statement it plans to sell up to $25 million of the securities in Asian markets.

Brazil tapped debt markets as a global economic recovery fuels demand for the securities. Emerging-market debt sales rose 83 percent to a record $597 billion this year, according to Bloomberg data. Brazil is returning to overseas markets after Abu Dhabi’s bailout yesterday of Dubai World boosted demand for higher-yielding assets, said Paul Biszko, emerging-markets strategist at RBC Capital Markets in Toronto.

“Brazil is using Dubai as an opportunity to issue now versus a potentially even more volatile backdrop next year,” Biszko said.

The yield on Brazil’s 5.875 percent bonds due in 2019 fell to 4.65 percent from 6.44 percent on Jan. 8, according to JPMorgan Chase & Co. The bond’s price rose to 109.02 cents on the dollar from 95.90 cents during that period.

Morgan Stanley and Goldman Sachs Group Inc. arranged today’s bond offering, said a person familiar with the transaction who declined to be identified because he’s not allowed to speak publicly.

To contact the reporters responsible for this story: Francisco Marcelino at mdeoliveira@bloomberg.net; Veronica Espinosa in New York at vespinosa@bloomberg.net.
Last Updated: December 15, 2009 16:50 EST

Emerging-Market Debt Trading Rises 19%, EMTA Says - Business Exchange

Emerging-Market Debt Trading Rises 19%, EMTA Says

Brazilian debt tallied the second-most trading volume, with $155 billion in turnover.

The extra yield investors demand to own developing-nation bonds instead of U.S. Treasuries shrank to 2.93 percentage points from 6.90 percentage points on Dec. 31, according to JPMorgan Chase & Co.’s EMBI+ Index.

Emerging-market corporate bond trading totaled $175 billion in the third quarter, a 98 percent increase from the same period last year, according to the survey.

To contact the reporters responsible for this story: Veronica Espinosa in New York at vespinosa@bloomberg.net.

Brazil Launches $500M 2019 Reopened Bonds At 4.75%

Brazil Launches $500M 2019 Reopened Bonds At 4.75%
NEW YORK (Dow Jones)--Brazil launched $500 million of 2019 global bonds at 4.75% Tuesday, according to a person familiar with the deal.

The Brazilian Treasury announced Tuesday the reopening of its 2019 global sovereign bond, expanding the current $1.775 billion issue by $500 million. The coupon is 5.875%.

The books on the deal for New York and Europe were closed at about 11 a.m. EST and were said to be oversubscribed.

However, people familiar with the matter said the treasury has no intention of increasing the amount of the offer, even in the event of heavy demand.

The issue may only be increased during the Asian trading session by up to 5% for investors unable to participate during this time zone.

Morgan Stanley and Goldman Sachs are joint bookrunners on the issue.

Dedicated emerging-market investors weren't keen on participating, even though most are broadly optimistic on Brazil's economy as a whole.

'Brazil as country, we're quite bullish on fundamentals,' said one big fund manager. 'But the market has more than priced that in. So, generally, we're underweight Brazil.' However, they said that the fund will use this reopening to rebalance its portfolio.

Kevin Daly, an emerging market portfolio manager at Aberdeen Investment Managers in London, said: 'Brazil just doesn't yield anything. It's just ridiculously low.'

Interested investors are likely global government bond funds, crossover investors, and those that need to rebalance their portfolios if they have too much cash at the end of the year, he said.

Brazil first issued the 2019 bond in January with a volume of $1.025 billion. The bond came with a coupon rate of 5.875% and a yield of 6.13%. In May, the treasury reopened the 2019 bond, raising an additional $750 million at an annual yield of 5.8%.

Earlier this month, Treasury Secretary Arno Augustin told Dow Jones Newswires that Brazil's government was likely to issue another 10-year overseas bond before the end of the year.

'We are looking to build a better yield curve and improve the quality of our debt management,' Augustin said at that time.

Brazil's is enjoying its investment grade status to access the debt market. In September, Moody's Investors Service raised Brazil's sovereign credit rating to Baa3, an investment-grade rating, more than a year after Standard & Poor's and Fitch Rating elevated Brazil to investment grade.



-By Riva Froymovich, Dow Jones Newswires; 212-416-2217; riva.froymovich@dowjones.com

-By Tom Murphy and Rogerio Jelmayer, Dow Jones Newswires; 55-11-2847-4519; brazil@dowjones.com"

Brazil Treasury Secretary: Overseas Bond Likely In December - WSJ.com

Brazil Treasury Secretary: Overseas Bond Likely In December

SAO PAULO (Dow Jones)--Brazil's government likely will issue another overseas bond before the end of the year, Treasury Secretary Arno Augustin said Friday.

'We are looking to build a better yield curve and improve the quality of our debt management,' Augustin said in a telephone interview.

He said the bond likely would be denominated in U.S. dollars and carry a 10-year term. He said it was possible the government would reopen its 2019 bond. He didn't offer any idea about the size of the offer.

Augustin said the government was also studying a possible overseas bond denominated in the Brazilian real. 'This is on our agenda,' he said. 'However, it is not likely for the short term since rates for dollar-denominated bonds are so good right now. A real-denominated issue is possible in 2010.'

Brazil has accessed the international debt market four times this year. In January, Brazil issued $1.025 billion in global bonds due in 2019. The bonds were sold at a yield of 6.127%. In May, it reopened the operation, raising another $750 million at a yield of 5.8%.

In July, the treasury obtained $525 million from the issue of an overseas bond due in 2037, with a yield of 6.45%. At the end of September, it raised $1.27 billion with the issue of a global bond due 2041, with a yield of 5.8%.

In the September operation, the government took advantage of a sovereign upgrade by Moody's, tapping the international bond market to fill out its debt curve.

In September, Moody's Investors Service raised Brazil's sovereign credit rating to Baa3, an investment-grade rating, more than a year after Standard & Poor's and Fitch Rating did so.

Brazil has issued real-denominated bonds overseas before, most recently in May 2008. At that time, it raised 750 million Brazilian reals ($441 million) from the reopening of an existing 2028 bond.

'Given the current international environment of low interest rates, Brazil's government will continue its policy of repurchasing overseas debt,' Augustin said.

In 2008, Brazil repurchased overseas bonds with total face value of $1.2 billion.

'We would like to buy more, but investors seem like they want to hold on to their Brazilian paper,' Augustin said.

The treasury secretary said Brazil's government will release its annual domestic debt management plan at the beginning of 2010. 'I can already tell you at least one thing about the plan,' Augustin said. 'We will aim to reduce the debt-to-GDP ratio next year.'

The debt-to-GDP ratio was 44.8% as of Oct. 31, up from 36.0% at the end of 2008. Brazil's public sector debt rose this year because of the global recession, which caused a decline in tax revenue.

But Brazil's economy is expected to rebound in 2010. Most economists are expecting growth of 5% next year after an expansion of no more than 1% for 2009.

Regarding Brazil's volatile foreign exchange market, Augustin said, 'We are closely monitoring the exchange rate, and we will be ready to correct any distortions.'

The Brazilian real has gained about 35% against the U.S. dollar so far in 2009, causing worries for exporters.

Augustin said Brazil's government will continue its policy of systematic purchases of U.S. dollars in order to build foreign reserves. 'This policy will continue, managed by the central bank,' he said.

Brazil's reserves stood at $238 billion at the end of November, up $5 billion from the previous month.

-By Rogerio Jelmayer, Dow Jones Newswires; 55-11-2847-4519; brazil@dowjones.com"

Brazil Banco Fibra Raises $110M From Bonds Issue - WSJ.com

Brazil Banco Fibra Raises $110M From Bonds Issue

SAO PAULO (Dow Jones)--Small Brazil bank Banco Fibra raised $110 million from the issue of bonds overseas, a person involved in the operation told Dow Jones Newswires on Wednesday.

The bonds will carry a seven-year maturity and will pay an annual yield of 8.5%. Goldman Sachs coordinated the operation.

Fibra was founded in 1988 and is controlled by the Steinbruch family, which has interests in the textile, steel and real estate sectors.



-By Rogerio Jelmayer, Dow Jones Newswires; 5511-2847-4521; rogerio.jelmayer@dowjones.com"

Vale Sells $1 Billion of 30-Year Bonds in Overseas Markets

By Veronica Navarro Espinosa

Nov. 3 (Bloomberg) -- Vale SA, the Rio de Janeiro-based company that is the world’s largest iron-ore producer, sold $1 billion of 30-year bonds in its second overseas dollar note offering this year.

Vale sold the bonds to yield 2.65 percentage points above similar-maturity U.S. Treasuries, according to Bloomberg data. Deutsche Bank AG, HSBC Holdings Plc and JPMorgan Chase & Co. arranged the offering, Vale said in a filing to Brazil’s securities regulator."

more: Vale Sells $1 Billion of 30-Year Bonds in Overseas Markets

Petrobras $4 billion bond issue Brazil's largest since 2000

Petrobras $4 billion bond issue Brazil's largest since 2000 - MarketWatch
Oct. 24, 2009, 10:19 a.m. EDT

By Riva Froymovich

NEW YORK (MarketWatch) -- Brazilian state-run energy company Petroleo Brasileiro S.A., or Petrobras, sold a total of $4 billion in bonds Friday in two parts, the largest debt sale out of Brazil since the start of this decade.

Massive interest in the issue comes despite a new Brazilian tax law announced Monday, which levies a 2% tax on foreign investment in local equities and fixed-income assets in order to slow appreciation in the real against the dollar.

'That has not filtered into the appetite for Brazilian risk,' said Enrique Alvarez, head of Latin America fixed-income research at IDEAglobal in New York.

Alvarez noted that outstanding debt on Brazil's reference 2040 bond is $4 billion, equal to the combined size of the Petrobras deal.

This is just another sign that, despite the slew of fresh issuance out of emerging markets this year, appetite remains healthy following a glut during the height of the financial crisis. Debt out of Brazil is all the more attractive now, after Moody's Investors Service upgraded Brazil to investment-grade last month, more than a year after Standard & Poor's and Fitch Rating did the same.

Brazilian companies can now take advantage of this status, particularly companies with the implicit backing of the state, such as Petrobras, to issue longer-dated maturities.

Petrobras sold $2.5 billion in 10-year notes Friday at 238.5 basis points over Treasurys to yield 5.875%. It sold $1.5 billion in 30-year notes at 270.6 basis points over Treasurys to yield 7.0%--and it could have sold more.

The ratings on the bonds were Baa1 by Moody's Investors Service, BBB- by Standard & Poor's and BBB by Fitch Ratings.

Both offerings were oversubscribed. Demand for the 10-year notes came in at about $7.5 billion and $4 billion for the 30-year notes.

This is the largest-ever bond issue for a Brazilian company, breaking the title held by giant miner Companhia Vale do Rio Doce (RIO), which sold $3.75 billion in November 2006. It is the second-largest issue for any Latin American company, after Venezuelan PdVSA’s $7.5 billion multi-tranche bond sale in 2007.

But, as a quasi-sovereign firm, analysts say it would be fairer to compare the size of this issue to Brazilian sovereign debt. And still, this is one for the record books. It marks the largest bond sale since Brazil's 2000 issuance of more than $5 billion in debt.

Most investors came from the U.S--about 65% of demand for the 10-year note and 80% for the 30-year bonds. European investors made up 65% of the bids for the shorter-dated bonds, and 13% for the longer-dated ones. Asia bid for about $500 million in the 10-years and asked for about 7% of the 30-years.

Petrobras' attraction now is also tied to their recent discovery of a large offshore light-oil reserves in the subsalt layer off the coast of the southeastern state of Espirito Santo.

'This find is playing a big role in such a large and successful offering,' said Alvarez. 'Knowing that Petrobras is going to need more financing going forward...you can expect subsequent amounts years out.'

The success of this issue is evidence that gaining additional sources of revenue through new debt won't be a problem, he said, as long as oil prices remain near normal historical rice levels.

Earlier this week, Petrobras said that it planned to issue the bond in an effort to pay down a $6.5 billion bridge loan it received earlier this year.

The bonds were issued through the company's international subsidiary, Petrobras International Finance Company, or Pifco.

The company has accessed the international debt market two times so far this year. In February, the company raised $1.5 billion with a 10-year overseas bond issue. In June, Petrobras raised $1.25 billion with paper of the same maturity.

The risk premium on Brazilian debt strengthened Friday on JPMorgan's Emerging Markets Bond Index Global. It was three basis points tighter at 219 basis points over Treasurys. However, the return on the index was down 0.45% amid this new supply. Brazil's benchmark bond, the Global 2040, lost 1 3/8 to 133 bid, according to Reuters.

The overall Embig was nine basis points tighter at 309 basis points over Treasurys in late afternoon trading. The index lost 0.17% on the day."