New Issue: Brazil sells $3.5 billion of global bonds due 2025, 2030

By Marisa Wong

Los Angeles, June 4 – Federative Republic of Brazil priced $3.5 billion of 2 7/8% global bonds due 2025 and 3 7/8% global bonds due 2030 (Ba2/BB-/BB-), according to an FWP filing with the Securities and Exchange Commission.

Brazil priced $1.25 billion of the five-year bonds at 99.425 to yield 3% and $2.25 billion of the 10-year bonds at 98.977 to yield 4%.

BofA Securities, Inc., Deutsche Bank Securities Inc., Itau BBA USA Securities, Inc. and J.P. Morgan Securities LLC are joint bookrunners for the SEC-registered bonds.

Proceeds will be used to repay debt, as previously reported.

Issuer:	Federative Republic of Brazil
Issue:	Global bonds
Amount:	$3.5 billion
Bookrunners:	BofA Securities, Inc., Deutsche Bank Securities Inc., Itau BBA USA Securities, Inc. and J.P. Morgan Securities LLC
Pricing date:	June 3
Settlement date:	June 10
Ratings:	Moody’s: Ba2
	S&P: BB-
	Fitch: BB-
Distribution:	SEC registered
Listing:	Luxembourg Stock Exchange – Euro MTF Market
2025 bonds
Amount:	$1.25 billion
Maturity:	June 6, 2025
Coupon:	2 7/8%
Price:	99.425
Yield:	3%
Spread:	263.1 bps to ¼% U.S. Treasury due May 31, 2025
Call option:	Make-whole call at Treasuries plus 40 bps
2030 bonds
Amount:	$2.25 billion
Maturity:	June 12, 2030
Coupon:	3 7/8%
Price:	98.977
Yield:	4%
Spread:	324.3 bps to 5/8% U.S. Treasury due May 15, 2030
Call option:	Make-whole call at Treasuries plus 50 bps

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