Minerva Super-Sizes Bond

Minerva Super-Sizes Bond

Brazil Bonds

Brazil’s Minerva has priced $850m in 2023 NC5 bonds, as investors filled a book that reached about $6.5bn. The issuer upsized from a planned $500m sale. “We like the fundamentals. Minerva is an improving story and stands out as a credit from other protein companies with respect to leverage, liquidity and business profile,” says a participating London-based EM portfolio manager. The Brazilian meatpacker priced at 98.301 with a 7.75% coupon to yield 8.00%, tight to 8.25%-area guidance that followe

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