Cielo to Sell 10-Year Bonds at Record Low Yield, Bradesco Says
Cielo SA (CIEL3), Brazil’s biggest card- payment processor, is selling $875 million of 10-year bonds at a record low 3.8 percent yield, Banco Bradesco SA said.
Demand for the bonds, which will pay 225 basis points, or 2.25 percentage points, more than benchmark Treasuries, was about eight times oversubscribed, Renato Ejnisman, managing director at Bradesco BBI in Sao Paulo, said in a phone interview. The yield is a record low for a 10-year dollar bond by a non-state-owned Brazilian company, according to data compiled by Bloomberg.
Cielo obtained such a low yield “because of the quality of the company and because it’s a good moment in terms of demand for Brazilian debt,” Ejnisman said.
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