Sugar Processor Tightens DCM Debut

Sugar Processor Tightens DCM Debut

Brazil Bonds

Brazilian sugarcane processor Tonon Bioenergia has priced a $300m 2020 NC4 bond, increasing its cross-border debut from an initially planned $200m as investors filled a book that reached $1.4bn. Tonon was able to use investor demand for yield and an increase in risk appetite to ratchet down pricing from high 9%-area initial price thoughts to the tight end of 9.50%-9.625% revised price guidance. The B/B bond priced at 98.743 with a 9.25% coupon to yield 9.50%, and traded up around 3.0 points Wedn

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