January 12, 2018 |
Marfrig continued Brazilian issuers' hot run of form, raising $1bn in 2025 bonds for a tender offer of 2018 and 2019 bonds, DCM sources confirmed.
Banco do Brasil, Bradesco, BTG Pactual, HSBC, Nomura and Santander started price talk in the low-to-mid 7% area and then set guidance at 7.25%. The group then launched the trade at 7.125%, before pricing the 2025s with a 6.875% coupon to yield 7.125%, or a reoffer price of 98.641.
Sources said orders had reached $2.6bn. Investors were fixed on Marfrig
Brazilian food processor raises $1bn in seven-year notes, offers investors some juice over its existing 2024 securities, sources say