The deal is rated BB+ and proceeds are partly earmarked to tender a 2029 sustainability-labelled bond, where proceeds were designated for cattle purchases from suppliers meeting environmental and social criteria. Refinancing it with a non-labelled instrument may reduce ongoing accountability for those standards.
On deforestation, MBRF reports it has achieved its target of a 100% deforestation-free supply chain by 2025 — a stronger commitment than peers Minerva or JBS, which dropped its illegal deforestation target entirely in 2026. However, Norges Bank IM kept Marfrig under observation in 2024 after finding gaps between company reporting and independent monitoring. This debut gives investors a direct opportunity to test the claim.
