Eletrobras Defines Domestic Jumbo

Brazil’s Eletrobras has given additional details of its planned issue of BRL2bn ($990m) in the domestic bond market, ahead of a late October pricing. It plans inflation-linked bonds divided into a 2018 tranche paying up to 6.0%, and a 2022 tranche paying up to 6.3%, according to a prospectus. The exact amount and interest rate for each will be determined during the pricing period, expected in late October. Investor presentations are scheduled to begin September 24. The proceeds are to be used for the electric company’s investment needs, and are part of a BRL4.5bn fundraising plan. BTG Pactual and Santander are managing the sale, which has not ben assigned a rating.