Brazil

Brazilian low cost airline Gol will look to raise between $350m and $550m of new seven year notes as part of a liability management exercise, less than 18 months after a distressed debt exchange.

A Brazilian high yield duo is set to test the Lat Am bond market’s appetite for risk next week as they plot two of the racier deals to emerge from the region this year.

Brazilian energy company Petrobras has returned to the loan market after a four year absence with a $1bn syndicated loan.

Brazilian engineering group Andrade Gutierrez has begun to reduce a looming bond maturity, which is concerning rating agencies, with a tender offer to be funded by cash.

Minas Gerais state power utility Cemig announced its second roadshow of the year the day after signing a R$4bn ($1.23bn) bank loan as it looks to improve its liquidity position via a renewed attempt to sell international bonds.

The banking arm of Brazilian conglomerate Votorantim will kick off investor meetings later this week ahead of a planned Basel III-compliant additional tier one (AT1) deal as Latin America DCM bankers say that more bank capital trades are on the way.

Brazilian pulp and paper producer Suzano Papel e Celulose is looking to buy back a further $300m of its existing 2021s, just a month after wrapping up a previous tender offer for the same notes.

Brazilian investment bank BTG Pactual is looking to buy back 30% of old perpetual notes via a tender offer it will finance with cash.

Two Brazilian bond deals this week underlined the improved sentiment towards Latin America’s largest economy as Banco do Brasil’s first bond in three years traded a point up the day after pricing despite coming flat to fair value.

Government-owned Banco do Brasil attracted more than $6bn of orders for a $1bn trade on Wednesday as bankers said there was a strong pent-up bid from Brazilian debt.

Brazil’s third largest airline could sell international bonds as soon as this week after mandating for a fixed-income investor roadshow.

Brazilian steelmaker Gerdau has increased the amount of bonds it will buy back in its latest tender offer after raising $650m of 10 year notes on Thursday.