SOVEREIGN DEBT RESTRUCTURING | MASTERCLASS

A deep dive masterclass on sovereign debt restructuring, to be conducted virtually by Asian high yield bond expert Florian Schmidt.

30 June 2022 (Thu), 5pm Singapore/HK time

Brazilian beef company Minerva bought back $912mn of its 6.5% senior bonds due 2026, which represents 75.8% of the outstanding amount, by March 12. The Brazilian company issued $1bn of 4.375% 2031s in order to fund the buyback. Minerva had offered earlier this month to buyback $1.2bn in 2026s, paying $1,062.80 for every $1,000 before the cutoff date. After that, it would pay $1,032.8 for every $1,000. The deal was arranged by BTG Pactual, HSBC, Itaú BBA, JPMorgan, Bradesco, Santander and XP Investimentos.

Minerva 6.5% bonds due 2026 were marginally higher up 0.1 to 105.825, yielding 1.33%.

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