Brazil

Brazilian meatpacker Minerva will hit the road on Wednesday ahead of a planned new perpetual bond issue that will pay for a tender offer of the company’s existing perps.

Brazilian state oil giant Petrobras has launched a tender offer for up to $4bn of debt across six different bonds maturing between 2020 as 2023 as it continues to tidy up its liabilities.

Latin American borrowers appeared willing to brave weaker markets this week as three issuers announced deals — though only two had been priced by Thursday’s close.

Brazilian mining giant Vale is set to continue its rapid deleveraging process with a tender offer for up to $1.75bn of two bonds maturing in 2021 and 2022 and the redemption of all of its 2020s.

Brazil’s largest private sector lender Banco Itaú was unable to tighten pricing from initial price thoughts on its return to bond markets on Monday as investors remain hesitant to add risk in choppy markets.

Brazilian mining giant Vale is continuing its liability management efforts, with a tender offer for up to $1.75bn of two bonds maturing in 2021 and 2022, having already decided to exercise its right to redeem all of its 2020s.

Petrochemicals company Unigel has set initial price thoughts of 8% for its planned seven year international bond debut. The deal may provide the best indicator yet of how market appetite for Lat Am credit was affected by February’s volatility.

Brazil’s largest private sector lender Banco Itaú sold $750m of additional tier one notes on Monday, just three months after its most recent issuance in the format.

Unigel, the Brazilian petrochemicals company, became the first Latin American corporate name to announce deal plans since early February, and bankers say this will provide a far tougher test of market sentiment than Paraguay's deal.

Brazilian energy company Petrobras has tapped the loan market for a $4.35bn revolving credit facility from 17 banks.

After yet another quiet day in Latin American bond markets on Monday, syndicate bankers said that the return of new issuance after a more than two week hiatus would likely commence after two key speeches from Jay Powell, the new US Federal Reserve chair.

Two Latin American companies on the path to recovery from precarious situations have found themselves somewhat stuck in their liability management efforts because of tougher conditions in new issue markets.