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Bond Market News
Braskem To Buyback Up to $957mn In Bonds
June 14, 2021
Brazilian petrochemical company Braskem, via its subsidiary Braskem Netherlands Finance announced a tender offering to purchase $206.8mn of its outstanding 3.5% 2023s and $750mn of its 7.125% 2041s issued by Braskem Finance Netherlands and Braskem America Finance Company respectively. The offers are based on the terms and conditions stipulated in the Offer to Purchase dated June 11, 2021. The amount offered to be paid for every $1,000 in principal of the bonds is based on the fixed spread for the given series plus the yield calculated to the par call date, and the bid–side price of the reference US Treasury starting on June 17, 2021. As per Bloomberg, this comes to $1,040.02 for every $1,000 in principal of the 2023s and $1,242.32 for every $1,000 of the 2041s bonds. Braskem is rated BB+ according to Fitch.
Braskem´s USD bonds were stable with its 4.5% 2028s trading at 105.875, yielding 3.46% and its 8.5% 2081s at 117.5, yielding 4.07%.
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