July 23, 2014 / 3:55 PM / in 3 years

Brazil sets guidance on 2045 bond issue

NEW YORK, July 23 (IFR) - The Federative Republic of Brazil has tightened price indications on a new US dollar-denominated 2045 bond to be issued in conjunction with a buy-back of outstanding notes, according to one of the lead managers.

The sovereign, rated Baa2/BBB-/BBB, has set official price guidance of 190bp over US Treasuries (plus or minus 5bp) for the offering, tight to initial price thoughts of 200bp over.

Proceeds from the sale will be used to buy back as many as eight of the country’s outstanding notes with maturities ranging from 2024 to 2041.

The SEC-registered note will be priced later today, with Bank of America Merrill Lynch, Deutsche Bank and Itau BBA acting as lead managers. (Reporting by Davide Scigliuzzo; Editing by Natalie Harrison)

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