Brazil

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.

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.