Brazil's BNDES, Goldman Exclude Media From Conference Call
London, May 11 (Bloomberg) -- Brazil's national development bank and
Goldman, Sachs Group Inc. excluded the media from a conference call
discussing the forthcoming $1 billion swap of corporate debt for new
bonds partially guaranteed by the development bank.
The call was to discuss the prices at which BNDES, as the development
bank is known, will swap old, corporate bonds for new BNDES bonds, said
John McIntire, head of Latin American debt capital markets at Goldman.
It was the second conference call about the transaction, he said.
Jose Luis Osorio, director at the BNDES and Richard McNeil, who works in
Goldman's capital markets group, participated in the call as well.
The exclusion means smaller investors who weren't on the call aren't
privy to the detailed discussions, which may affect the terms of the
swap.
The government agency didn't provide a reason for the exclusion. Goldman
is managing the swap transaction.
Under the swap investors could unload some of Brazil's outstanding
corporate debt, totaling about $22.5 billion, for at least $1 billion of
new 10-year debt.
The swap is intended to make it easier for Brazilian companies to raise
new money by unlocking lenders' capital tied up in bonds that had
plunged in the past year as emerging markets reeled.
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