Brazil’s Bond-Market Comeback Marks Milestone as Borrowing Soars
- Companies already sold more bonds abroad than in all of 2015
- Eldorado ended an almost two-year drought for new issuers
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If there was any doubt that Brazilian companies now enjoy largely unfettered access to international bond markets, Eldorado Brasil Celulose SA has put it to rest.
On Thursday, the pulp and paper producer, which is rated four levels below investment grade, sold $350 million of five-year notes due 2021 in it first-ever overseas offering. The last time a junk-rated Brazilian company pulled off a debut issue was in July 2014. Investors typically are loath to lend to risky businesses with a troubled credit history.