Axia Energia Reduces Local Debt Offering to R$3 Billion Amid Credit Spread Concerns.

Axia Energia, formerly Eletrobras, has reduced the size of its local debt issuance from R$7 billion to R$3 billion due to market price changes. The company canceled a R$4 billion infrastructure bond issue this year, as credit spreads increased for this type of tax-exempt bond for individuals. Axia will maintain a R$3 billion bond sale this year, to be sold to institutional investors.