CORRECT: CSN Bonds Dip as Traders Ditch Leveraged Brazil Credits

Companhia Siderurgica Nacional SA’s (CSN) dollar bonds slid on Wednesday, as appetite for leveraged Brazilian companies continued to sour after several setbacks.

• Dollar notes due in 2028 fell as much as 4 cents to trade at 91 cents on the dollar, according to Trace data
• “There’s general market nervousness over any Brazilian credits with leverage after Braskem and Ambipar surprises, and the recent sudden drop in Raizen bonds, which is actually an investment grade credit,” said Roger Horn, senior EM credit strategist at Mariva Capital Markets
  • Horn said “it’s one of those times when it’s not just a ...