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BRF mulls dollar deal; longer duration paper losing luster ahead of Fed, banker says
By Paul A. Harris
Portland, Ore., Sept. 15 – Sovereign paper tended to be a touch wider, heading out on Thursday, a market source said.
The iShares JPMorgan USD Emerg Markets Bond (EMB) ETF was 0.42% higher on the day, Tuesday, at $115.68 per share, up 48 cents.
As investors await the upcoming Federal Open Market Committee’s meeting next week, the appetite for long-duration bonds is diminishing, according to a debt capital markets banker in London who added that even if next week’s Fed meeting does not produce an increase in the Fed Funds rate, investors seem reconciled to the idea that it will increase before the end of the year.
BRF GmbH, a wholly owned subsidiary of Brazil’s BRF SA (Ba1/BBB) is contemplating a Rule 144A and Regulation S dollar-denominated notes offer, having met with fixed-income investors in the United States earlier in the week, according to a market source.
BB Securities, Bradesco, Itau, JPMorgan and Santander have the mandate.
Afreximbank, the African Export-Import Bank (Baa2//BBB-), priced a downsized $150 million add-on to its 4% notes due May 24, 2021 at a 250 basis points spread to mid-swaps on Wednesday, according to a market source.
The deal size was decreased from $250 million.
The spread came on top of spread talk.
The notes were sold at a reoffer price of 101.324 and will yield 3.688%.
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