Odebrecht Plots Restart

With a Greece rescue package agreed and a string of positive days in equity markets, there is talk of at least one postponed DCM issuer reviving its plans. Odebrecht is heard keeping the channels open for a possible launch if market conditions remain stable, according to investors. The Brazilian builder is looking for $200m perpetual step-up NC5 bond, the proceeds of which would be used to replace its existing 9.625% perp. Credit Suisse and Itau are managing the sale. The issuer was looking for a mid-6% yield last week when global market turmoil postponed the deal. Also put off last week were a planned $400m 2020 from Mexican building materials conglomerate Elementia and a 2020 subordinated bond from Brazil’s Banco Cruzeiro do Sul.