Brazil

Brazilian steel producer CSN (Companhia Siderúrgica Nacional) has more than halved the size of a planned tender offer after completing a smaller than intended bond issue last week amid market volatility.

Four Latin American issuers ventured into cross-border markets on Thursday after a deceptively calm Wednesday, only to be faced with a wave of volatility that had investors worried and led to wider pricing.

Bond market participants said on Wednesday said that Latin American issuers could return in force on Thursday after another day of calm in markets.

Mexican state-owned oil giant Pemex attracted a huge book for its eagerly-anticipated dollar market return on Thursday as bond investors pile into the region’s credits despite major elections looming.

Brazilian low-cost airline Gol increased the size of a tap of its newest bonds on Tuesday after opting for a two day execution to allow Asian investors to participate.

Brazilian low-cost airline Gol increased the size of a tap of its newest bonds on Wednesday as part of a strategy to actively manage its debt maturity profile.

Brazilian low-cost airline Gol left books open overnight for its latest dollar deal as investors said they understood the company was expecting some Asian demand.

Brazilian state-owned oil giant Petrobras, the most prolific dollar issuer in emerging markets, returned to the bond markets on Thursday with a flat to negative new issue concession amid overwhelming appetite for paper.

Natura Cosméticos, the Brazilian cosmetics and personal care group that bought UK firm The Body Shop from L’Oréal last year, is to meet bond investors this week as it looks to refinance the debt used to finance the acquisition.

The Brazilian sovereign continued a busy period for the country’s issuers with a tap of its existing 30 year bonds on Thursday as bankers said that borrowers from the country were rushing to issue ahead of elections later this year.

Brazilian waterway logistics provider Hidrovias do Brasil drew a raucous reception for an international bond debut on Wednesday as the Brazilian company was able to price just inside where Rumo — its closest comparable — issued last week, though just wide of where Rumo was trading.

Meatpacker Marfrig and airline Gol both completed tender offers for existing bonds this week as Brazilian issuers up the pace of capital market activity at the start of an election year.