After months of the occasional cross-border saunter, Brazil is now moving at a rhythm worthy of samba. Hot on the heels of credit card processor Visanet, three issuers from the Latin giant have descended on cross-border investors over the last two weeks for a total of US$447 million, according to sources. Two of those transactions - Gerdau/ Acominas and Companhia Side- rurgica Nacional (CSN) - were in the steel sector, whereas the third was by Banco Itau, a bank.

CSN priced a US$142 million, seven-year final 144A at 485 basis points over Treasurys via BNP Paribas, while Acominas issued a US$105 million, seven-year final private placement via JPMorgan Securities at 500 basis points over five-year Treasurys, according to sources. Having spent the first half of the year focused on straight-vanilla paper, EM investors were suddenly swamped with the structured stuff. "We had these periods of fear, then all these deals at once," said one investor. "But even in bad times, these are the right deals."

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