Brazilian Sets Price Target

Usina Sao Joao Acucar e Alcool (USJ) is aiming for a yield in the mid-10% range for a debut 2022 bond, according to investors. The Brazilian sugar and ethanol producer met with potential buyers in Europe, Latin America and the US, and was heard opting for an investor call with west coast accounts on the last day of its 4-day roadshow. Timing is unclear due to weather-related complications in the Eastern US, as is the case with other cross-border bond deals that were on the road this week. The issuance should be $200m-$300m size, according to a banker familiar with the sale. Credit Suisse, HSBC and Itau are managing.