Carnival in Brazilian HY as jumbos abound
Latin American sub-investment grade companies are capitalising on a hunger for higher yielding paper following a rally in secondary prices, with market participants saying it is easier than ever for LatAm borrowers to make international debuts.
As if to prove the point, Brazilian high yield cattle products company Minerva priced $850m of 2023 bonds on Thursday after attracting a $6.5bn book for the new deal, which is part of a liability management exercise.
On Wednesday, Brazilian meatpacker Marfrig (B2/B) had doubled the size of its
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