Fixed Income Analysis /

Weekly Credit Risk Monitor

    Stuart Culverhouse
    Stuart Culverhouse

    Chief Economist & Head of Fixed Income Research

    Tellimer Research
    2 November 2017
    Published byTellimer Research
    Credit in Focus: Marfrig Global Foods – Initiate with a mixture of BUYs and HOLDs. We initiate coverage on the Marfrig Global Foods (ticker: MRFGBZ) family of bonds with a BUY recommendation on the US$750.00mn MARB BondCo 7.00% bonds due 2024 (B+/BB-), and the Marfrig Holdings Europe US$1.0bn 8.00% bonds due 2023 (B2/B+/BB-) as we believe that these bonds provide better yields for investors.