Brazil

The largest McDonald’s franchise operator in the world attracted a super-sized $2bn of demand for a deal of just $265m on Thursday as investors said the allocation bun fight left them wanting more Big Mac bonds.

Chilean-Brazilian Latam Airlines is likely to be at the centre of a rush of corporate bond supply from Latin America next week after Standard & Poor’s praised the company’s cost-cutting efforts.

Moody’s gave the world’s largest operator of McDonald's franchises a lift as it prepares to return to bond markets with a $300m 10 year deal.

Latin America’s largest economy looks to have halted its three year slide down the ratings scale after Moody’s removed the negative outlook on Brazil’s Ba2 credit rating.

Santander has looked internally to replace its departing head of Latin American debt capital markets, GlobalCapital understands.

Syndicate bankers often joke that Brazil issuing is a sign that it’s time to sell Latin American bonds, and a sell-off indeed began this week just as the sovereign was pricing its latest deal. But market jitters should not distract from an improving picture in the country.

The Brazilian sovereign pounced on the best of this week’s issuance conditions but then saw its bonds widen alongside a broader sell-off in markets later in the week — though this did not deter two companies from the country from issuing.

Meatpacker Marfrig sold $750m of seven year non-call three bonds on Wednesday as Brazilian issuers take centre stage in Latin American primary markets after a great run in secondary.

Latin America’s largest sovereign Brazil raised $1bn in international bond markets on Tuesday, earning praise for its timing despite taking the unusual path of pricing at the wide end of guidance.

Latin American new issue markets enjoyed a quiet week with as carnival celebrations replaced the debt party with which the region started the year, but Brazilian issuers look ready for a swift return to market mode.

S&P’s upgrade of Brazilian oil giant Petrobras could attract more investors into the company’s curve, according to Lat Am market participants.

Brazilian oil giant Petrobras has wrapped up a tender offer that ended up far larger than planned, after bondholders owning $5.57bn of paper agreed to sell their notes.