Brazilian Farmer Keeps Mum on Bond

The market awaits news on a $200m 2015 debut bond from soy and cotton grower Vanguarda do Brasil. An official familiar with the B3/B minus transaction say the sale is still being negotiated with investors, and that as of late Monday, there was still a plan to raise the funds. The issuer had been aiming for an 11% handle, according to investors following the transaction. B/B3 rated compatriot meatpacker Minerva scored 11.20% on a $250m 2020 bond, and while Vanguarda’s numbers are better, the credit is not as well known. Morgan Stanley is managing the sale, which had been roadshowing through February 2. Brazilian bank Investimento do Brasil pulled a $350m 2015 bond last week, though Banco Votorantim was able to price its $500m 2013.