Cedae Cancels IPO

Brazil’s Cedae has officially cancelled its IPO plans, according to the CVM. Targeting BRL1bn ($510m), the borrower is said to be waiting for better conditions. A re-filing later this year is not out of the question. Bank of America Merrill Lynch, Bradesco, BTG Pactual and Itau had been managing the process, initiated last year. Rio de Janeiro state water utility has turned to the local bond market for funding, raising BRL150m last month, and bankers say that market continues to be a viable option for Cedae.