Brazil

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

Gol, the Brazilian low-cost airline, will buy back $21.3m of its outstanding 2020s after wrapping up a tender offer.

After Latin America made a record start to 2018, bankers expect primary supply to keep flowing at a strong pace —despite investors already fretting about the tight pricing on new deals.

Four Latin American corporates priced a total of $3bn of new debt on Thursday, as investors said they were grateful for the chance to get their hands on new paper but not overly enthused about the yields on offer.

The CFO of Brazilian railroad operator Rumo told GlobalCapital that improvements in the company’s credit metrics allowed it to successfully issue in dollars on Wednesday, despite the issuer not guaranteeing the bonds with its main operating company as it had for its previous deal.

Brazilian railroad operator Rumo clinched its second dollar bond on Wednesday, offering a pick-up to its previous deal and building a hefty order book in the process.

Hidrovias do Brasil, the Brazilian waterway logistics provider, will begin meeting investors on Wednesday as it plans a debut international bond sale.

Brazilian logistics firm JSL returned to dollar markets on Monday to tap the 7.75% July 2024 notes it sold in its debut deal in July last year.

After Latin American issuers burst into the market in the first week of the year for the first time ever, Brazilian meatpacker Marfrig became the fifth company from the region to announce a roadshow and keep up primary market momentum.

Two Brazilian companies could tap international bond markets as soon as next week after announcing fixed income investor meetings.

Brazilian low cost airline Gol is set to buy back more bonds after investors owning $21.191m of its existing 9.25% 2020s agreed to sell their notes as part of a tender offer launched on December 14.

Brazilian low-cost airline Gol has announced its latest liability management efforts: a $50m tender offer for its outstanding 2020s and a redemption of three small bonds issued as part of a distressed debt exchange last year.