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International bonds: Gerdau, 5.893% 29apr2024, USD (USG24422AA83, G24422AA8)

StatusCountry of riskMaturity (option)
Amount i
This field shows outstanding face value amount for outstanding bonds
Issue ratings (M/S&P/F)
outstandingBrazil**/**/**** (**/**/****)1,038,393,000 USD***/***/***
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Yield calculation

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Issue information

BorrowerGerdau
SPV / IssuerGTL Trade Finance Inc.
Bond typeCoupon bonds
Form of issueRegistered documentary bonds
Placement methodOpen subscription
Placement typePublic
Issue purposeShow
Issue purpose
The Issuers did not receive any cash proceeds from the issuance of the New Bonds in connection with the Exchange Offer. The Old Bonds surrendered in connection with the Exchange Offer will be cancelled.
Par amount, integral multiple1,000 USD
Nominal of international bonds1,000 USD
Minimum settlement amount150,000 USD
Outstanding principal amount150,000 USD
Amount1,165,529,000 USD
Amount Outstanding1,038,393,000 USD
Outstanding face value amount1,038,393,000 USD
Placement date**/**/****
Maturity date**/**/****
Redemption price100%
Floating rateNo
Coupon Rate*.***%
Current coupon rate5.893%
Day count fraction***
ACI*** (09/18/2019)
Coupon frequency2 time(s) per year
Interest accrual date**/**/****
ListingLuxembourg S.E.
Issue is included in calculation of indicesEuro-Cbonds Corporate LatAm, Euro-Cbonds IG Corporate EM, Euro-Cbonds IG Corporate LatAm, Euro-Cbonds Corporate Brazil

Related issues

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Cbonds Valuation
i
Indicative bond and international bond quotes by Cbonds are calculated based on the methodology. The end result of the methodology is a single end-of-day Cbonds quote, which is based on bid and ask data of various trading floors and contributors working with this asset.
:

Trading floorDate and timeBid/ ask price (Yield)
Indicative price (Yield) i
Indicative price is used to calculate the effective yield, duration, modified duration and is calculated according to the following priority of prices: weighted average price (Average), market price (Market), closing price (Close), admitted price (Admitted), middle price (Mid), last price (Last). Indicative yield is calculated according to the following priority of yields: yield to maturity (effective), yield to put/call (effective), current yield.
G-spread
T-spread, bp i
T-spread is calculated as the difference between the issue yield and the yield on government securities of the USA, Great Britain and Germany in the corresponding issue currency and with comparable modified duration (the calculations are based on the effective yields only). The value is computed only for issues in USD, EUR, GBP.
CBONDS ESTIMATION
i
Indicative bond and international bond quotes by Cbonds are calculated based on the methodology described here http://ru.cbonds.com/organizations/docdownload/8715.
The end result of the methodology is a single end-of-day Cbonds quote, which is based on bid and ask data of various trading floors and contributors working with this asset.
Quotes are published both anonymously and publicly in the section Bond Quotes by Market Participants: http://cbonds.com/quotes/market/. These quotes are indicative only. Organizations posting the quotes have no obligations to conduct transactions at these prices. To learn the actual current prices, you need to contact the respective organization. Trading floor quotes are available at http://cbonds.com/quotes/.
09/17/2019*** / *** (*** / ***)*** (***)******Archive
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Bond Quotes by Market Participants

Market participantDate and timeBid/ask or last price
(Yield)
Banco Finantia09/18/2019 13:06***.* / ***.**
(*.** / *.**)
UOB-Kay Hian09/18/2019 12:28***.*** / ***.***
(*.* / *.**)
Columbus Zuma Investment Banking09/18/2019 03:05***.* / ***.**
(*.** / *.**)
Anonymous participant 2009/17/2019***.**
(*.**)
BCP Securities09/17/2019***.** / ***.**
(*.** / *.**)
Anonymous participant 1209/16/2019***.**
(*.**)
Zurich Cantonal Bank09/13/2019***.** / ***.**
(*.* / *.**)
UCAP Asset Management09/12/2019***.**** / ***.****
(*.** / *.**)
Anonymous participant 3209/12/2019***.** / ***.**
(*.** / *.**)
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Price chart

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Stock exchange and OTC quotes

Trading floorDate and timeBid/ ask price (Yield)
Indicative price (Yield) i
Indicative price is used to calculate the effective yield, duration, modified duration and is calculated according to the following priority of prices: weighted average price (Average), market price (Market), closing price (Close), admitted price (Admitted), middle price (Mid), last price (Last). Indicative yield is calculated according to the following priority of yields: yield to maturity (effective), yield to put/call (effective), current yield.
G-spread
T-spread, bp i
T-spread is calculated as the difference between the issue yield and the yield on government securities of the USA, Great Britain and Germany in the corresponding issue currency and with comparable modified duration (the calculations are based on the effective yields only). The value is computed only for issues in USD, EUR, GBP.
FRANKFURT S.E.09/18/2019 19:52***.** / ***.* (*.** / *.**)***.*** (*.**)
BERLIN EXCHANGE
i
Foreign bonds compliment the international security selection at Börse Berlin. In Germany many of these are traded only in Berlin. Naturally Börse Berlin has the full range of fixed interest securities of the German Federation and its constituencies with bonds from companies and other issuers also on offer. Certificates and warrants round off the security offering in Berlin.
09/18/2019 18:49***.** / ***.** (*.** / *.**)***.*** (*.**)
FRANKFURT S.E.09/17/2019*** / *** (*** / ***)*** (***)******Archive
BERLIN EXCHANGE
i
Foreign bonds compliment the international security selection at Börse Berlin. In Germany many of these are traded only in Berlin. Naturally Börse Berlin has the full range of fixed interest securities of the German Federation and its constituencies with bonds from companies and other issuers also on offer. Certificates and warrants round off the security offering in Berlin.
09/17/2019*** / *** (*** / ***)*** (***)******Archive
STUTTGART EXCHANGE09/17/2019*** / *** (*** / ***)*** (***)******Archive
LUXEMBOURG S.E.09/17/2019*** / *** (*** / ***)*** (***)******Archive
FINRA TRACE09/17/2019*** / *** (*** / ***)*** (***)******Archive
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Bond classification

Subordinated
Sinkable bond
Perpetual
Convertible
Structured product
Restructuring
Securitization
Mortgage bonds
Trace-eligible
Covered
Foreign bonds
CDO
Sukuk
Retail bonds
Supranational bond issues
Green bonds
Non-Marketable Securities

Identifiers

ISIN / ISIN RegSUSG24422AA83
ISIN 144AUS36249SAA15
ISIN temp/unrestr. USG24422AB66
CUSIP / CUSIP RegSG24422AA8
CUSIP 144A36249SAA1
CFI / CFI RegSDBFGGR
CFI 144ADBFGGR
FIGI / FIGI RegSBBG006F3DX24
WKN / WKN RegSA1ZHTQ
WKN 144AA1ZHXM
SEDOLBM7S1Z2
FIGI 144ABBG006F3DLX6
TickerGGBRBZ 5.893 04/29/24 REGS

Primary placement

Issuer rating on issue date (M/S&P/F)***/***/***
Placement**/**/**** - **/**/****
Initial issue amount*,***,***,***
Initial issue price (yield)***% (*.***%)
Settlement Duration*.**

Participants

Bookrunner: Bank of America Merrill Lynch, Itau Unibanco Holdings, JP Morgan, Banco Santander, Exch/Restr.
Issuer Legal Adviser (International law): Greenberg Traurig
Issuer Legal Adviser (Listing law): Maples & Calder
Arranger Legal Adviser (International law): Shearman & Sterling
Arranger Legal Adviser (Domestic law): Machado, Meyer, Sendacz Opice

Tap issues

DatePlaced amount/buyback (par), mPlacement participantsTap Issue ISINAdditional information
1**/**/******.*
Bookrunner: Banco Santander, Bank of America Merrill Lynch, Itau Unibanco Holdings, JP Morgan
USG24422AB66fungible USG*****AB**
Additional information
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Payment schedule

*****

Coupon dateCoupon, %Coupon payment amount, USDRedemption of principal, USD
Show previous
1**/**/*****.****,***.**
2**/**/*****.****,***.**
3**/**/*****.****,***.**
4**/**/*****.****,***.**
5**/**/*****.****,***.**
6**/**/*****.****,***.**
7**/**/*****.****,***.**
8**/**/*****.****,***.**
9**/**/*****.****,***.**
10**/**/*****.****,***.**
11**/**/*****.****,***.**
12**/**/*****.****,***.**
13**/**/*****.****,***.**
14**/**/*****.****,***.**
15**/**/*****.****,***.**
16**/**/*****.****,***.**
17**/**/*****.****,***.**
18**/**/*****.****,***.**
19**/**/*****.****,***.**
20**/**/*****.****,***.*****,***
Show following
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Early redemption terms

*****

DateOption typePriceRepurchased amount at par, mln
Show previous
**/**/****debt repurchase***.*****.**
**/**/****call***
Show following
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Issue ratings

Gerdau, 5.893% 29apr2024, USD

Rating AgencyRating / OutlookScaleDate
Fitch Ratings***/***LT Int. Scale (foreign curr.)08/23/2019
Moody's Investors Service ***/***LT- local currency12/12/2018
S&P Global Ratings***/***Foreign Currency LT08/16/2017
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Issuer ratings

Gerdau

Rating AgencyRating / OutlookScaleDate
Fitch Ratings***/***LT Int. Scale (local curr.)08/23/2019
Fitch Ratings***/***LT Int. Scale (foreign curr.)08/23/2019
Moody's Investors Service ***/***LT- local currency12/12/2018
S&P Global Ratings***/***Foreign Currency LT01/31/2019
S&P Global Ratings***/***Local Currency LT01/31/2019
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Consolidated IFRS reports

year 1 Q 2 Q 3 Q 4 Q
2019
1.29 M eng
0.67 M eng
2018
0.5 M eng
0.52 M eng
0.56 M eng
0.6 M eng
2017
0.47 M eng
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