Brazil

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.

Brazilian steel producer Gerdau this week became the latest Latin American issuer to take advantage of hugely benign conditions to issue new debt inside where its existing curve was trading.

Brazil sold new 10 year bonds this week as part of a liability management exercise, using a combination of a cash tender and exchange offer to buy back $3bn of short-dated bonds.

Chilean lender Banco de Crédito e Inversiones (BCI) became the latest Latin American issuer to take advantage of strong market conditions as it took the plunge on its first international bond issuance for more than four years.

A decision not to take a rating from Moody’s proved wise for Braskem as the Brazilian company attracted significant interest from investment grade buyers on its way to a $1.75bn dual tranche deal on Wednesday.

Brazil followed Mexico’s example in making the most of idyllic issuance conditions on Tuesday, though some investors argued that Brazil’s $3bn deal demonstrated that the market retained some sense of discipline.

Brazil’s Braskem could become the third Latin America chemicals company in two weeks to issue internationally as it meets fixed income investors on Monday and Tuesday.

One rare and one debut issuer from Latin America are meeting bond investors as bankers say that a quieter couple of weeks of activity is no indication of a slow end to the year.