Brasil Soy Farmer Preps Bond

Brasil Soy Farmer Preps Bond

Funds

The Brazilian high-yield parade shows no sign of slowing, with yet another food producer joining the queue. Soy and Cotton grower Vanguarda do Brasil is preparing a debut $200m 2015 bond, according to the 3 main ratings agencies, which assign B1 and B minus grades. Morgan Stanley is managing the sale, an official at the company says, declining to offer further details. The proceeds will be used to repay working capital loans and other short-term debt, according to Moody’s. “The ratings on Vangua

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