BRAZILIAN development bank BNDES received a muted response from German investors this week to its DM400m 20 year Eurobond. The deal has prompted concerns that, for all of the progress made by emerging market issuers in the Deutschmark sector, it is still very much the preserve of emerging market sovereigns. The offering, led by Credit Suisse First Boston, offered an attractive coupon of 9%, but traded below its 100.25 fixed re-offer price to around 99.60.
October 17, 1997
