As corporate debt with a negative yield passes the $1 trillion threshold, the fact that a recent local CRI debenture in Brazil raised only R$538 million ($132 million) in orders for a proposed R$1 billion deal may seem like a good “problem”.
The deal, led by XP Investimentos, scraped together demand for just over half the 10-year deal that paid 20 basis points more than the NTN-B benchmark (3.2%), though it should be noted that CRIs enjoy tax incentives that boost net returns.
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