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Brazil prices bond deals at lower spreads than Buffett
To be precise, 15bp lower, according to Thursday’s FT. Crunchproof chart of the day:
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Kamekon/Charles.
Apologies for the confusion. While the two bonds earlier this week indeed priced just 15bp apart, the chart in the above post is for the CDS on the two - and is rebased. Was merely intended to show a sharp divergence in perceptions of default risk in the market. I suppose also, a degree of “decoupling”
Sam/Alphaville
Charles - According to Reuters the difference between the spreads was indeed 15bp: the Brazil bond was priced at 140bp over Treasuries, while the spread on the 10y BH bond was 155bp. But, as you suggest, the chart points to a much larger spread difference.
(And to add to the confusion: Brazil is only rated BBB-/Ba1, whereas BH has a triple-A rating.)
150bp lower, no?
compare it to the spread on California credit