By Reshmi Basu
New York, Feb. 7 - The Federative Republic of Brazil sold R$1.5 billion or $715 million equivalent of 21-year global bonds (Ba2/BB/BB) at 96.451 to yield 10.68%, according to a prospectus filed with the Securities and Exchange Commission.
The deal is denominated in Brazilian reais while payments will be made in dollars.
JP Morgan and UBS were bookrunners for the offering, which was registered with the Securities and Exchange Commission. Banco Itaś Europa SA and BB Securities Ltd. were co-managers.
The country first issued local-currency denominated sovereign debt in 2005. On Sept. 19, 2005, it sold R$3.4 billion of global bonds due 2016.
On Sept. 6, 2006, Brazil came to the market for the second time with a placement of R$1.6 billion in bonds due 2022. On Oct. 6, 2006 and Dec. 4, 2006, the sovereign reopened its 2022 bonds to add R$650 million and R$750 million, respectively.
| Issuer: | Federative Republic of Brazil
|
| Amount: | R$1.5 billion or $715 million equivalent
|
| Issue: | Global local-currency bonds
|
| Maturity: | Jan. 10, 2028
|
| Coupon: | 10¼%
|
| Issue price: | 96.451
|
| Yield: | 10.68%
|
| Pricing date: | Feb. 7
|
| Settlement date: | Feb. 14
|
| Joint lead-managers: | JP Morgan, UBS
|
| Co-managers: | Banco Itaś Europa SA, BB Securities Ltd.
|
| Distribution: | Off shelf
|
| Ratings: | Moody's: Ba2
|
| Standard & Poor's: BB
|
| Fitch: BB
|
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