The Latin American perpetual bond craze shows no signs of abating, with several borrowers issuing deals at the end of January.
Cosan, a Brazilian sugar and alcohol manufacturer, launched a $350 million perpetual non-call five-year at the end of last month. Another Brazilian company, Vicunha, a textile and steel group, is also working on a perpetual deal – a $475 million non-call five. This transaction was originally scheduled to be launched last year but was postponed after interest sagged following last October’s market correction.
These deals follow a hugely successful $500 million perpetual non-call five-year bond from Banco do Brasil, which was priced last month.
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