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Brazil’s OGX Bonds Rise, Are Most Actively Traded Following Sale

March 28 (Bloomberg) -- Ten-year bonds issued by OGX Petroleo e Gas Participacoes SA, the oil company controlled by Brazilian billionaire Eike Batista, rose on their first day of trading.

The bonds were the most actively traded dollar-denominated corporate debt today, according to Trace, the bond-price reporting system of the Financial Industry Regulatory Authority. OGX’s bonds due 2022 rose 1.4 cents to 101.4 cents on the dollar at 1:37 p.m. New York time, pushing the yield down 22 basis points, or 0.22 percentage point, to 8.16 percent.

The Rio de Janeiro-based company sold $1.06 billion of the notes to yield 8.375 percent yesterday. Banco Bradesco SA, Banco BTG Pactual SA, Credit Suisse Group AG, HSBC Holdings Plc, Itau Unibanco Holding SA, JPMorgan Chase & Co. and Morgan Stanley arranged the transaction.

Dealers conducted 322 trades of the OGX bonds today, according to Trace.

To contact the reporters on this story: Veronica Navarro Espinosa in New York at vespinosa@bloomberg.net; Boris Korby in New York at bkorby1@bloomberg.net

To contact the editor responsible for this story: David Papadopoulos at papadopoulos@bloomberg.net

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