Brazil

Bond bankers were struggling to remember a time when a single-B credit had provided the first LatAm deal of the year, but Petrobras’ new issue succeeded in blowing the market wide open as borrowers line up to raise funding.

BRF, the Brazilian food conglomerate, has confirmed that it is considering London for an IPO of its halal food business, although a final decision has not been made.

Petrobras has opened books on the first non-Asian emerging markets bond of the year, and is marketing a four-tranche dollar bond.

Pulp and paper producer Fibria Celulose is looking to become the second Brazilian company in the sector to issue green bonds after mandating five banks to manage an investor roadshow.

Brazilian corporates Fibria Celulose and Raizen are looking to sell dollar bonds this month as bankers say issuances volumes from Latin America’s largest economy will continue to recover in 2017.

Brazilian steel company Usiminas has given its dollar bondholders until January 12 to approve its restructuring of domestic debt, the second time it has pushed out the deadline.

Brazilian company Suzano Papel e Celulose, which sold green bonds both internationally and domestically this year, is keen to issue more green bonds when it has eligible projects to fund, according to the company’s CFO.

Brazilian steel company Usiminas has extended the deadline for bondholders to waive the negative pledge covenant in its 7.25% dollar-denominated bonds due 2018.

Brazilian telecoms giant Oi said on Monday morning that it would “carefully analyse” a restructuring proposal by bondholders after meeting Moelis, which is representing creditors, and a potential new investor on Friday.

EM bond investors appeared unalarmed by the doom and gloom that rating agencies cast upon Latin American corporates this week.

It’s that time of year when analysts dust off their crystal balls and make predictions for the next 12 months. In December 2015 not many were forecasting that Britain would vote to leave the EU, and even fewer were betting on a Donald Trump presidential victory, so investors would be wise to treat such missives with caution. Political risk is a capricious beast, even for the most seasoned market observers.

Fitch said on Tuesday that there would be “no respite” for Latin American corporates in 2017 after record high defaults this year, although not all bond investors share the rating agency’s gloom.