By Rob Dwyer
Cielo’s landmark R$4.6 billion ($1.5 billion) local bond has lifted hopes that the volatility that has severely restricted local debt activity – and halted international debt capital markets issuance completely from Brazilian borrowers – is receding. Cielo, a credit and debit cards company, is one of the leading Brazilian blue chips and the deal was the second largest ever sold in Brazil’s domestic markets. Demand was more than R$12.2 billion, equivalent to one-third of the total volume distributed in 2014.
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