Marfrig Upsizes in Bond Return

Marfrig Upsizes in Bond Return

Brazil Bonds

Brazil’s Marfrig has sold $600m in new 2017 bonds, upsizing from a $300m-$500m expected size on the back of $4bn in demand from over 250 accounts. The B2/B+/B+ meatpacker priced at par with a 9.875% coupon to yield in line with 9.875%-area guidance that had been brought in from initial mid-10% price talk. It was also well inside of the 11%-12% levels it was heard considering at the beginning of marketing. The bonds were up 2.0 points in the grey, according to traders. “A decent value given flatn

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