Brazil

After monitoring bond markets for several weeks, Brazil took the plunge on a slightly softer day on Wednesday to raise $2.5bn via the reopening of three different notes.

Brazilian steel producer Gerdau will repurchase $300m of dollar bonds with cash as its profits rise thanks to strong demand for steel.

Digital retailer B2W attracted a huge book on its bond market debut on Wednesday, tightening pricing to land just an 0.125% in yield terms wide of its parent company, Brazilian retail giant Lojas Americanas.

Brazilian pulp and paper company Suzano tapped its sustainability-linked notes for a further $500m on Monday, overcoming rating agency concerns about leverage to issue 85bp inside where it originally sold the bonds just two months ago.

B2W Digital, the digital arm of Brazilian retail group Americanas Universe, began investor calls on Monday as it looks to debut in international bond just weeks after its parent company successfully did the same.

Brazilian steel producer Companhia Siderúrgica Nacional (CSN) took advantage of a vacant Latin American primary market to add $300m to its 2028s on Tuesday, as bankers say several of the region’s big names are still preparing to take advantage of strong conditions after the US elections.

Two corporate deals on Monday and a tiny tap from a Paraguayan beef exporter on Wednesday were all investors had to choose from in Latin American primary bond markets this week as issuance remains light ahead of the US elections next month.

Brazilian oil company Petrobras this week announced it will spend $1.95bn on repurchasing existing bonds via a tender offer, as the rapid pace of its reduction continues.

Brazilian oil company Petrobras will continue the rapid reduction of its debt burden after completing a tender offer under which it will spend $1.95bn on repurchasing existing bonds.

Brazilian foods company BRF increased the size of a tap of its recently issued 2050 bonds on Monday, issuing at exactly the same reoffer level as a month ago.

Latin America’s bond bankers said that the primary markets remain open, but investors will see limited new paper after Petrobras sold its smallest bond in several years this week.

Brazilian state-owned oil company Petrobras returned to bond markets on Tuesday as part of a debt reducing liability management exercise as the issuer continues to lower its bond outstandings.