Brazilian Exchange Plans Dollar Issue

BM&FBovespa plans to sell around $620m in 10-year dollar bonds to fund the purchase of a stake in the CME Group, according to remarks from CEO Edemir Pinto on an earnings call Wednesday. “We have zero debt and a lot of cash. To have an improved capital structure, the company has decided to look to fund 100% of the operation,” Pinto says, noting that this marks a change in its plans, from using cash to fund part of the operation. The sale should be resolved “soon,” he adds. In February, BM&FBovespa raised its ownership in the US exchange to 5.0% from 1.8%.