Brazil's new $2bn 10 year global bond exchange offer staged a spectacular recovery this week, winning a battle with volatile markets and speculators that initially resulted in the new bond trading down almost two points after breaking syndicate. The new bond, led by Chase Manhattan and JP Morgan, was yesterday (Thursday) trading 100.90 on the bid side to give a spread of 816bp, three points better than the 97.50 level to which it plunged from its 99.44 fixed reoffer level and 850bp launch spread on Monday.
October 22, 1999