Marfrig tightens on fives

Marfrig tightens on fives

Bonds

Brazilian food company Marfrig raised $850m from a five-year bond sale on Tuesday in deal that tightened strongly over the course of execution. The deal is understood to have been priced at par to yield 6.875% after raising around $5bn in demand. Lead managers BTG Pactual, HSBC, Itau and Morgan Stanley were heard to start the pricing process with indications of 7.25% area, revising that to 7% area before setting the final price. Marfrig’s outstanding bonds have rallied in recent days against the

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