Brazil

Owners of Brazilian engineering and construction firm Andrade Gutierrez’s defaulted bonds have overwhelmingly approved an exchange that pushes out the maturity and increases interest payments, the company said on Monday.

Having rocketed 13 points upon issuance last week, Brazilian telecom Oi’s new bonds dropped slightly in secondary in recent days as the buy-side waits to see whether they will be included in bond indices.

Brazilian engineering and construction firm Andrade Gutierrez has amended the terms of its bond exchange offer after discussions with the largest holders of its old notes.

Engineering and construction firm Andrade Gutierrez has amended the terms of its bond exchange offer after discussions with the largest holders of its old notes.

Brazilian telecoms company Oi will choose to pay an all-cash coupon for the first payment of its newly issued seven year bonds, the restructured company said on Friday.

Engineering and construction company Andrade Gutierrez, one of the largest contractors in Latin America, is asking bondholders to push out a 2018 bond maturity that it failed to pay on April 30, with analysts expecting a majority to accept.

Brazilian telecoms company Oi is expected to release its new bonds — the product of a restructuring — on Friday. So highly anticipated are the notes that they have been exchanging hands way over par even before they were issued.

Brazilian shopping centre owner General Shopping has increased the buy-back price on a tender offer for some of its existing bonds, despite having already offered a pick-up to secondary market prices.

The new dollar bonds Brazilian company Oi will issue as part of its restructuring look very attractive, according to credit analysts, as the telecoms giant prepares to emerge from its mammoth R$65bn ($17.6bn) debt do-over.

Brazilian mining giant Vale regained full investment grade status yesterday as Moody’s upgraded the borrower to Baa3, crowning a steep recovery in the company’s credit quality.

Engineering and construction company Andrade Gutierrez, one of the largest contractors in Latin America, is asking bondholders to push out a 2018 bond maturity that it failed to pay on April 30.

Latin American corporate bond refinancing needs will surge next year just as external financing conditions have worsened and as new governments take office across the region, Fitch warned this week.