Braskem Preps Chemical V

Braskem is preparing to market a new BRL294m ABS using the FIDC structure. The petrochemical producer’s transaction, to be called Chemical V, is the latest in a series of ABS using that name. It is expected to begin marketing as soon as next week, a Braskem official says. The 36-month deal will be divided into a BRL272.4m senior AAA tranche ant BRL21.6m subordinated piece. Banco do Brasil and Bradesco are managing the sale. Chemical IV raised BRL250m last year, with the senior piece paying DI plus 140bp.