Brazil prices $1.5 billion add-on; Natura Cosmeticos joins calendar; Egypt to bring deal

By Rebecca Melvin

New York, Jan. 18 – Brazil launched and priced on Thursday a $1.5 billion tap of its 5 5/8% bonds due 2047 at a slight premium of par to yield 5.6%.

The size of the sovereign’s 2047 series of notes, which originally priced in July 2016, is now of $3 billion.

Also from Brazil, Natura Cosmeticos SA announced plans to price a debut cross-border offering of dollar-denominated notes. A deal is expected to price late next week subject to market conditions, according to a market source.

Also in the Latin America region, Argentina water utility Agua y Saneamientos Argentinos SA mandated Citigroup, Deutsche Bank and HSBC to arrange a series of fixed-income investor meetings beginning on Monday for a dollar-denominated offering of five-year notes under Regulation S only.

There were also deals in Asia including the launch of a dollar-denominated offering of 10-year notes for the Philippines to yield 3.3%.

While the Latin America region has reactivated after a couple of slow sessions, the Central & Eastern Europe Middle East and Africa region remained most mute.

“No announcements in my space today,” a market source said, but market players expect Egypt to bring a deal in the next few weeks.

Egypt’s sovereign curve tightened in secondary market dealings, with most of the strength seen in the belly of the curve.

Egypt’s 6 1/8% notes due 2022 were seen 16.6 basis points tighter at a cash price of 105.37 bid, 105.87 offered. The Egypt 5 7/8% notes due 2025 were tighter by 15.9 bps at a price of 102¼ bid, 103¼ offered, according to a market source.

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