Brazil Retap Stays Out of Asia

Brazil’s government chose not to extend the reopening of its 5.875% 2019 bond to Asian markets, the finance ministry says. It sold last Thursday $750m of the bonds, priced at 100.539 to yield 5.800% or UST+252bp, and also had the option to tack on up to 5% for Asian investors. Barclays and Citi managed the sale, which amassed a book of $4.5bn. Brazil originally sold $1.025bn of the bonds in January, priced to yield 6.127%, including $25m tacked on for Asia the following day. The bonds – trading at about 102 before the announcement of the retap – closed Friday at 100.5, according to traders, the same level as the afternoon of the transaction. Debt analysts see a robust window for LatAm issuers and say anyone looking to borrow should move quickly.