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Brazil taps markets for US$1.5B in 10-year bonds

The Brazilian government tapped international markets for the first time since President Jair Bolsonaro took office in January, placing US$1.5 billion in 10-year bonds, according to local media reports.

The Global 2029 bond will pay a coupon of 4.5% and yield 4.7%; it has a spread above the U.S. Treasury bonds of 215.8 basis points. The coupons and spreads reportedly are the lowest that Brazil has seen since it lost its investment grade status in 2015.

In comparison, Brazil's Global 2028 bond issued in 2017 carried a spread 235 basis points above U.S. Treasurys.

Brazil's National Treasury said news of the arrest of former President Michel Temer did not affect demand for the note, which reached US$5.5 billion, Valor Econômico wrote. The Brazilian government authorized the National Treasury to issue up to $2.5 billion of the bond, according to a statement in the country's official gazette.

The National Treasury reportedly said the final price of the bond could still rise after operations with Asian investors were concluded on Friday. However, both El Cronista and Valor said the Treasury had scrapped its plan to offer the bond to the Asian market.

The bond issue, which was offered to investors from Europe and the U.S., was led by Bank of America Merrill Lynch, Bradesco and JP Morgan.

The bond will be settled March 28.