AMERICAS

摘要

Meat-packer minerva is taking another crack at the perp market after abandoning a similar deal last year after US Treasury volatility killed appetite for what is considered a bull market trade. Whether it will have better luck this time is up for debate among bankers who remain sceptical that this market is open for Latin American corporates, especially given the recent instability in US rates. The last perp trade from the region was Brazilian infrastructure name OAS, which priced a non-call five perp in April last year at par to yield 8.875%. The coupon reset on that structure was designed to protect investors against swings in US Treasury yields, and might help to explain why it successfully printed, not to mention the assumption that the company would be likely to exercise the call.