Brazil

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.

Cielo, the largest merchant acquiring and payment processing company in Brazil, on Friday wrapped up a consent solicitation and bond buy-back for its global 2022s that will effectively split the note in two.

Brazilian meatpacker Marfrig will repurchase more than half of its $1bn 2023s as well as another slither of its highest coupon bond after wrapping up a tender offer, the company said on Tuesday.

Cielo, the largest merchant acquiring and payment processing company in Brazil, is looking to raise a new domestic bond to finance the buy-back of a portion of its only international bond.

Holding company Ultrapar, one of the five largest conglomerates in Brazil, will meet bond investors after the long weekend in the US as it looks to test Lat Am high yield appetite.

Holding company Ultrapar, one of the five largest conglomerates in Brazil, planned to sell a new bond to finance existing debt on Wednesday into a market showing no consistent sense of direction.

Brazil’s Suzano tapped international bond investors for the fourth time since September on Tuesday, capitalising on a dearth of recent supply from Latin America and favourable sentiment towards the pulp and paper sector.

Brazilian meatpacker Marfrig will meet US bond investors next week as it looks to take condition of plentiful demand for assets to finance a buy-back of existing bonds.

The US business of Brazilian meatpacker JBS gained further traction in bond markets this week as it looked to improved its liquidity position with its second bond issue of the month on Tuesday, part of a liability management exercise.

The US business of Brazilian meatpacker JBS continued to improve its liquidity position with its second bond issue in April on Tuesday. It reopened three existing bonds as part of a liability management exercise.

Investors in steel producer Companhia Siderúrgica Nacional appear to care far more about the company’s ability to push out $1bn of imminent debt maturities than pricing intricacies. The Brazilian issuer had a far better time in primary markets on Wednesday than on its last outing.

Bond investors appeared relieved after Brazilian steel producer Companhia Siderúrgica Nacional (CSN) raised $1bn of new bonds to refinance debt maturing in the next year.