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Bond Market News
Marfrig Postpones Dollar Debt Sale
October 2, 2026
MBRF Global Foods SA (MBRF) has postponed a potential USD high-yield (HY) bond offering because a global bond selloff has sharply increased borrowing costs. The Brazilian meat producer had been considering seven or ten year notes and held discussions with investors earlier this week, but decided to wait for more favorable market conditions. The proposed transaction would have marked MBRF’s first USD junk-bond issuance in five years. The decision comes as US Treasury yields recently reached their highest levels since 2002. MBRF is also facing financial pressure from a downturn in its US beef operations, elevated interest costs and restrictions on exports to China. Its debt stood at around BRL 45bn ($8.6bn), with 2Q2026 interest expenses rising about 20% YoY and consuming roughly three-quarters of operating cash flow. Net leverage increased to 3.4x EBITDA in 2Q2026. Meanwhile, MBRF has launched a tender offer to repurchase its 2029 notes.
Its 6.625% 2029s were trading stable at 99.6 cents on the dollar, yielding 7.0%.
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– Vandit P
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