Marfrig Demand Fattens Up Ahead of Sale

Marfrig Demand Fattens Up Ahead of Sale

Brazil Bonds

Brazil’s Marfrig was heard with order books reaching $2.5bn late Tuesday for a new 2017 bond, and was out with 10%-area guidance ahead of today’s expected pricing. The B2/B+/B+ rated meatpacker revised guidance from 10.25%-area and earlier mid-10% talk. It is targeting $300m, according to ratings agencies. “Marfrig’s bonds have rallied, which has allowed them to tighten in yield,” says a DCM banker away from the sale. Marfrig’s 2016, 2018 and 2020 bonds were trading to yield around 9.14%, 9.91%

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