First-Time Borrowers Grow on Junk Bond Demand: Brazil Credit
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International bond offerings by first-time Brazilian issuers are picking up as investors seek higher-yielding securities after companies sold a record $10.6 billion of debt last month.
Ceagro Agricola Ltda., a Campinas, Sao Paulo-based grain- trading company, and Banco BVA SA, a Rio de Janeiro-based bank that specializes in loans to mid-sized companies, plan to issue debt in debut sales. Three first-time borrowers sold debt so far this year, including BR Properties SA, a Sao Paulo-based property developer, which issued $200 million of bonds last month. There was only one new issuer in all of 2009, according to data compiled by Bloomberg.