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LONDON, March 27 (IFR) - The Federative Republic of Brazil has opened books on a new seven-year euro-denominated benchmark bond, according to one of the lead managers.
The sovereign, rated Baa2/BBB-/BBB, has set initial price thoughts of 175bp area over mid-swaps for the new issue, which will mature on April 1, 2021.
BB Securities, JP Morgan and Santander GBM are the lead managers on the SEC-registered transaction, which is expected to launch and price today.
Brazil met with European investors at the end of February.
On Tuesday, Standard and Poor's cut Brazil's sovereign debt rating to BBB- from BBB, with a negative outlook. (Reporting by Davide Scigliuzzo; Editing by Sudip Roy)