Brazil
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Brazilian petrochemicals firm Braskem will look to issue new debt to finance a tender offer for three different short-dated bonds.
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Brazilian port terminal owner Prumo Participações e Investimentos should be able to tighten pricing by quite some way on Tuesday after announcing initial price thoughts that offered a generous pick-up of to similarly rated Brazilian credits.
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A recent innovation in the green bond market — the transition bond — could help expand the issuer base, according to Credit Suisse’s head of environmental, social and governance strategy. But an investor said the standard of green bonds needed to be maintained.
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The Inter-American Development Bank has published a report promoting the use of covered bonds as a funding tool for green developments in Latin America and the Caribbean. But it remains to be seen whether risk-averse covered bond investors are ready to take the plunge into emerging markets — particularly given regulatory hurdles in the swaps market.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.