AMERICAS

摘要

Bonds issued by beef producer marfrig were enjoying a five-point rally last Monday as investors cheered the deleveraging potential behind its sale of UK subsidiary Moy Park. The company's bonds leapt after Marfig announced that it would sell Moy Park to its larger rival JBS in a transaction valued at US$1.5bn comprising a cash payment of US$1.19bn and £200m of net debt. The sale is seen as credit positive as it will allow the company to deleverage further and eliminate the uncertainty over how Marfrig would monetise an asset that it had been expected to spin off.