Brazil

Investors owning some $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.

With Petrobras bond prices still on their way down after a truckers’ strike that caused the company to cut diesel prices, CEO Pedro Parente resigned on Friday — much to the dismay of Fitch Ratings.

Petrobras yet again asked certain bondholders to reduce their exposure to the company via a tender offer this week — and a sell-off in the Brazilian company’s bonds, after it announced a temporary cut in diesel prices, is likely to help the cause.

Brazilian oil and gas giant Petrobras is asking certain bondholders to sell their paper in what would be its second $4bn tender offer of 2018.

All three major rating agencies gave a green light to Brazilian meatpacker JBS’s recent refinancing last week, saying that the new agreement with its lenders meant a significant improvement in the company’s liquidity position.

Unigel, the Brazilian petrochemicals company, completed an inaugural international bond sale on Tuesday in a deal with a highly targeted distribution after drastically sweetening terms for investors.

Unigel, the Brazilian petrochemicals company, has set initial price thoughts on a planned inaugural international bond two months after it aborted a first attempt.

Engineering and construction company Andrade Gutierrez Engenharia, one of the largest contractors in Latin America, failed to repay a senior unsecured bond that matured on April 30.

Brazilian oil and gas producer Petrobras will continue to tidy up its debt profile with the buy-back of two bonds due in 2020, it said on Wednesday.

Engineering and construction company Andrade Gutierrez Engenharia, one of the largest contractors in Latin America, failed to repay a senior unsecured bond that matured on April 30.

Light, the Rio de Janeiro electricity company, will begin investor meetings on Wednesday ahead of a potential debut international bond sale.

A more volatile day in markets on Friday didn’t stop Brazilian pension fund RioPrevidencia’s deal trading well on the break as syndicate bankers covering Latin America remain positive on the primary market’s near-term prospects.