According to the Financial Times, the securities have a yield of about 11%, with demand exceeding $2 billion. The funds will be used to refinance $550 million in debt this year.
MHP is a solid player. Its business covers the regions of Europe and the Middle East. The company also bought Spanish poultry and pork producer Grupo UVESA. This operator is well suited for resuming operations in the Ukrainian market.
Ninety One, a major investment firm, notes that the ideal conditions for issuing corporate bonds were created by the decline in corporate borrowing costs in emerging markets. MHP’s offering has many of the hallmarks of a good deal. The company is buying the bonds at their face value, and the new debt will have tighter creditor protections.
The publication emphasizes that many Ukrainian entrepreneurs were able to get a reprieve from creditors because of the conflict, but today they still do not have the funds to repay their debts.
