Brazil prices US$1bn tap of 4.25% 2025 bond

Wed Sep 3, 2014 4:36pm EDT

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NEW YORK, Sept 3 (IFR) - The Federative Republic of Brazil has raised US$1bn through a reopening of its 4.25% Global 2025 bond, after demand for the issue breached US$4.5bn, said market sources.

The sovereign, rated Baa2/BBB-/BBB, priced the transaction at 103.05 to yield 3.888%, or 147bp over US Treasuries, the tight end of guidance of 150bp area (plus or minus 3bp) and inside initial price thoughts of 160bp area.

The reopening brings the total outstanding size on the note to US$4.25bn.

BTG Pactual, Citigroup and Morgan Stanley were lead managers on the transaction. (Reporting by Davide Scigliuzzo; Editing by Paul Kilby)

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