Brazil

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.

Brazilian issuers continue to focus mostly on liability management rather than new debt raising as a combination of weak conditions and looming presidential elections makes timing new deals difficult.

French lender BNP Paribas has hired from a rival house to add to its Latin American debt capital markets team.

Brazilian issuers continue to focus mostly on liability management rather than new debt raising as a combination of weak conditions and looming presidential elections makes timing new deals difficult.

Brazilian utility Cemig ended a three week hiatus in offshore Latin American bond issuance this week and was swiftly followed by the Dominican Republic as the two high yield borrowers raised a combined $1.8bn.

Brazilian utility Cemig will test appetite for high yield issuance in Latin America on Thursday after it approached investors about the possibility of tapping of its existing dollar bond.

Faro Energy, which develops solar energy projects in Brazil and Colombia, has sold a green bond to finance distributed solar power projects, said the Climate Bonds Initiative (CBI).

Brazilian mining giant Vale has wrapped up a tender offer for its dollar notes due in 2042 after nearly two thirds of bondholders agreed to sell their paper.