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Government-owned Banco do Brasil attracted more than $6bn of orders for a $1bn trade on Wednesday as bankers said there was a strong pent-up bid from Brazilian debt.
Leads Bank of America Merrill Lynch, BB Securities, Bradesco, BTG Pactual, Itau, Santander and Wells Fargo announced initial price thoughts of 5% for a senior unsecured long seven year, and the level of demand allowed them to offer guidance well inside there at 4.75% plus or minus 5bp.
Ba2/BB/BB rated Banco do Brasil launched the $1bn January 2025s at 4.7% but was unable to satiate investor appetite.
"We were desperate for some of this...