Arcos Draws Strong Bid for LM Funds

Arcos Draws Strong Bid for LM Funds

Argentina Brazil Bonds

Arcos Dorados has become the latest LatAm borrower to see a well-bid bond sale to support a liability management transaction. The McDonald’s operator sold a $375m 2023 senior unsecured bond, after getting $1.2bn in demand. The Ba2/BBB minus issuer priced the new 2023 at 100.909 with a 6.625% coupon to yield 6.500%, or UST+384.7bp, in line with 6.5%-area guidance and mid 6%-area initial price thoughts. Comping the split-rated issuer was tricky, as Arcos’ outstanding 2019 bonds were targeted in th

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