InBev BRL Debut Fizzes

Anheuser-Busch InBev, which holds the LatAm assets of AmBev, has sold BRL750m in global real-denominated bonds. The international brewer’s Baa2/BBB+ 2015 bond priced at par with a 9.750% coupon to yield at the tight end of 9.875% area guidance, revised from initial 10.000%-10.125%. Demand topped BRL2bn, bankers on the deal say, including EM-focused and high-grade investors with a wide geographic distribution. Barclays, Deutsche and Itau managed the deal. It follows a Brazil sovereign BRL1bn 2028 retap and a BRL575m 2020 issuance by Morgan Stanley, both done last month to fuel surging investor demand for local currency exposure. Bankers, already pitching sovereigns and LatAm corporates with global local currency structures, expect more issuer candidates to emerge among global companies with sizeable LatAm assets.