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Issuers struggle over what concessions investors will require
Issuance in March was never going to be hefty after a record start to the year
Government borrowing costs are rising on local and international markets, and credit ratings are falling
Sovereign also added $300m to a long-dated dollar note
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Central American sovereign El Salvador saw its first long bond in eight years tighten in secondary as investors gave new president Nayib Bukele a warm welcome this week.
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Marfrig Global Foods, the Brazilian beef producer, has stirred up the green finance market by issuing a $500m ‘sustainable transition bond’. To some, it is a template for a new asset class that can help finance the global economy’s shift to lower carbon emissions. To others, it is a shocking case of greenwashing. By Oliver West and Jon Hay.
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Brazilian conglomerate Cosan will repurchase around 60% of its 2024s after wrapping up the early-bird stage of a tender offer.
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Brazilian meatpacker Marfrig on Tuesday sold $500m of bonds that will be used to fund cattle purchases that meet its environmental and sustainable criteria.
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Scarcity value for long dated high yield paper and expectations of curve flattening helped El Salvador sell more than $1bn of 30 year paper in a highly oversubscribed deal on Tuesday amid strong bond markets.
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Brazilian meatpacker Marfrig is looking to fund cattle purchases that meet its environmental and sustainability criteria through a debt sale that the company is describing as a “sustainable transition” bond.