BR Malls Retaps Perp

BR Malls has raised $175m through a reopening of its 8.5% NC5 perpetual bond, in order refinance its 9.75% perp callable next year. The shopping mall developer and manager reopened the bond at 108.50, following 108.25-area initial talk, to yield 7.834% to maturity, and 5.62% to the call. Demand was heard to be around $1bn. BTG Pactual and Deutsche Bank managed the sale, rated Ba1/BB. The bond was originally sold in 2011 and now has $405m outstanding. It is the region’s first perpetual sale since a $250m sale from Magnesita in March. BR Malls brings the deal amid a relatively slow week in the DCM. Investors await a likely $500m 10-year from Bolivia, and Santander Chile is working out an offshore RMB deal in Hong Kong.