Brazil
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Brazilian meatpacker Marfrig on Tuesday sold $500m of bonds that will be used to fund cattle purchases that meet its environmental and sustainable criteria.
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Brazilian meatpacker Marfrig is looking to fund cattle purchases that meet its environmental and sustainability criteria through a debt sale that the company is describing as a “sustainable transition” bond.
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Three Latin America companies sold new bonds to buy back old ones this week as investor appetite shows no sign of letting up.
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Brazilian conglomerate Cosan returned to bond markets on Wednesday with a $750m 10 year non-call five year trade that bankers on the deal said landed close to fair value.
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Brazilian airline Gol reopened its convertible bonds for a further $80m last week, taking advantage of a strong performance of its existing bonds and stock to achieve pricing that the CFO described as “fantastic” and leave the company in a position to continue its liability management.
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Latin American borrowers continue to make up for lost time amid encouraging issuance conditions as debt capital markets bankers say a few more could sneak through to primary markets before the August break.
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Petrobras will buy back $1.79bn of dollar bonds to go with the $639m-equivalent it spent repurchasing sterling and euro notes last week, but the Brazilian state-owned oil giant’s debt buy-back looks set to fall below the $3bn target on this occasion.
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Five Latin American companies and Caribbean-based Cable & Wireless (C&W) all sold dollar deals on Thursday, as borrowers jumped on improved expectations of a US rate cut and seemed to shrug off a sell-off in US Treasuries later in the day.
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While US market participants were on holiday last week, Brazil’s lower house passed legislation that is central to bond investors’ optimistic thesis on Latin America’s largest economy.
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Brazilian state-owned oil company Petrobras is to continue its deleveraging process by using cash to buy back up to $3bn of existing bonds, giving first priority to euro and sterling paper.
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Two Latin American companies announced bond roadshows this week, with a third launching a tender that will require a new issue, as the region’s issuers flock to the low rate environment and gradually rehabilitate disappointing issuance volumes.
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Three Latin American issuers took advantage of decreasing rates in dollar markets to raise funding this week, and debt capital markets bankers say primary activity should continue to pick up.