Brazil

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.

UBS is expanding its Latin America debt capital markets team with a hire from a rival house.

Standard Chartered bank has hired two people to cover macroeconomics in the Americas.

Brazilian mining giant Vale has launched its third tender offer of the year, this time targeting the longer part of its dollar curve.

Investors owning $12.836bn-equivalent of Petrobras dollar and euro bonds offered to sell their notes in a tender offer before Tuesday's early bird deadline — more than three times the $4bn limit that the Brazilian oil company had set for the buy-back.