Brazil

Banco Bradesco returned to international bond markets on Wednesday after an extended absence, and fellow Brazilian Eletrobras is also plotting a cross-border deal as US bond markets finally begin to look attractive for Brazilian issuers.

Brazilian steel producer Companhia Siderúrgica Nacional (CSN) will continue its focus on addressing short-term debt maturities with a proposed benchmark that it wants to use to fund a tender for bonds maturing in July.

Issuers from Latin America’s largest economy finally began feeding a yield-hungry buy-side this week, as bankers say there is little sign of investors turning their noses up at apparently rich valuations.

Brazilian media group and broadcast TV company Globo Comunicação e Participações will likely price a new 10 year bond on Thursday after setting initial price thoughts on Wednesday.

Latin America’s rip-roaring start to the year took a slide down the credit curve on Tuesday with two high yield deals — to no discernible impact on investor appetite.

Brazilian meatpacker Marfrig said last week that it would redeem $446m of bonds issued three years ago, to improve its debt profile.

Big European investment banks pivoted towards the Americas during 2019 in an attempt to boost revenues and position themselves for the next downturn, writes David Rothnie. With large M&A across the industry still off the table, banks are finding scale through joint ventures and alliances.

Brazilian lender Banco Daycoval sold a new five year senior unsecured dollar bond on Friday, coming some 25bp inside where its compatriot BTG Pactual had priced a similar deal earlier on Tuesday.

Banco Daycoval looked set to become the second Brazilian lender to price a five year senior unsecured bond after setting guidance on Thursday afternoon, as markets appeared to shrug off US president Donald Trump’s latest tariff threat.

Brazilian construction and engineering firm Andrade Gutierrez finally looks set to push out a looming bond maturity after an exchange offer found better take-up than a new issue and tender.

Brazilian investment bank BTG Pactual sold senior debt abroad for the first time in nearly two years on Tuesday, opting to push on despite volatile conditions as trade fears again worry investors.

Bond buyers and bankers said that a relatively quiet year for financial institution issuance in Latin America should ensure a warm reception to three banks from the region which are lining up bond deals.