Brazil

Brazilian ECM has surged this year, thanks to a belief in president Jair Bolsonaro’s plans for the economy. Brazilian corporates have taken advantage of investor excitement to raise more than $15.4bn in equity financing over the first three quarters of 2019. But this could be just the start, with a wave of privatisation also possible.

Lat Am syndicate bankers were in bullish mood after Brazilian petrochemicals company Unigel clinched a seven year bond to complete a diverse few days of issuance from the region.

Brazilian food producer BRF will look to buy back more old bonds than initially intended after selling a larger than expected long 10 year note last week.

Brazilian food group BRF priced a new larger than expected 10 year at a tighter than excepted yield as Lat Am’s strong September continued apace after a one day break for the US Federal Reserve meeting on Wednesday.

A change in CEO slightly delayed Banco Votorantim’s return to bond markets but the Brazilian bank had no trouble finding demand when it announced a dual tranche on Tuesday nearly two weeks after the end of its roadshow.

Brazilian state-owned oil and gas giant Petrobras issued a new long 10 year of more than $4bn via an exchange offer on Monday and the note immediately jumped above par.

Brazilian lender Banco Votorantim found ample demand for a dual tranche issue on Tuesday after waiting nearly two weeks from the end of its roadshow to announce a deal. Compatriot food company BRF could now bring a deal a little quicker having concluded its own investor meetings.

Brazilian state-owned oil and gas giant Petrobras will issue a new long 10 year of over $4bn after existing bondholders agreed to participate in an exchange offer that will see them swap old notes for a combination of cash and new paper.

Brazilian oil giant Petrobras will continue to push out its debt maturities and reduce its outstanding stock of bonds with an exchange and tender offer that includes retiring existing notes using cash.

Clarity on the costs that Brazilian mining giant Vale will face as a result of a tragic accident at one of its dams in January has led Moody’s to remove the negative outlook from the company’s Ba1 rating.

To make a real difference, green finance needs to prove it is tough on dirty companies. How can the sector look at the fires ravaging the Amazon region and still take comfort in having embraced a bond issued to finance cattle purchases there?

Brazilian state-owned lender Banco do Brasil is offering bondholders a fee to bring the change-of-control clause in two of its old notes in line with the documentation in its newer bond issues.