Global real bonds – offshore bonds denominated in reais – are offering Brazilian issuers and international investors advantages over onshore local-currency bonds and traditional international dollar-denominated bonds. Bankers expect Brazilian companies to continue to tap this pocket of investor appetite and more deals are expected.
Banco Safra’s global R$800 million ($502.5 million) bond in early August was proof the structure remains a viable option for stronger Brazilian credits even in turbulent markets. Safra upsized the bond from R$500 million, after attracting more than R$1.6
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