AMERICAS

摘要

Minerva seized on improved market sentiment and a fresh bid for Brazilian meat producers last Wednesday to raise US$200m through a tap of its 7.75% 2023 bond. The borrower, rated BB-/BB-, broke a one-week lull in primary activity for Latin America's capital markets, collecting orders worth more than US$1.2bn for the transaction. Brazilian beef companies have outperformed other credits in recent sessions, as traders and investors bet they would benefit from a Russian ban on food imports from Western countries. "Russia is not going to buy meat from Europe and the US, and they are starting to buy more from Brazilian companies," said one trader.