Marfrig tightens price on 2020 tap

Marfrig tightens price on 2020 tap


Marfrig Overseas reopened its 9.5% $500m 2020 bond on Thursday, adding $275m at 30 cents above par. Heavy demand for the reopening drove the price tighter than initially indicated. Lead managers Bradesco, BTG Pactual, Deustche Bank and Morgan Stanley first set the price at 99.5, a concession to the 101 cash price where the bond had been seen trading in previous days. At 99.5, the bond would have yielded in the high 9% area. “When you look at the EM high yield universe, Marfrig is one of the most

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