Vanguarda Aims for 11-Handle

Brazilian farmer Vanguarda do Brasil is heard aiming for pricing with an 11% handle on its debut dollar bond, according to investors following the transaction. The B/B3 soy and cotton grower is roadshowing the $200m 2015 offer this week through today, and would like a yield similar to the 11.20% that B/B3 compatriot meatpacker Minerva got 2 weeks ago on a $250m 2020 bond. “Its numbers are better than Minerva, but the credit is not as well known,” says a New York-based EM-focused investor looking at the deal. He notes that the issuer could be helped if markets show improvement from where they have been in the last 7-10 days. Morgan Stanley is managing the sale.