The transaction makes BTG Pactual the first Brazilian company to issue bonds in Chinese currency via a public offer. The bond issuance in Chinese currency, in turn, is the largest ever made in Latin America.
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Demand for the bonds totaled CNY2.5bn, more than double the total amount offered. The strong level of demand, mainly from Asian investors, enabled BTG Pactual to offer twice the initially estimated volume of CNY500mn. "This shows the interest of foreign investors for bonds issued by Latin American companies", said Marcelo Kalim, partner and CFO of BTG Pactual.
This marks the second local currency bond offering by BTG Pactual in the last six months. In September 2012, the Bank issued bonds denominated in Colombian pesos in the amount of COP424bn.
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