Brazil

There are signs of resistance from bondholders struggling to see the value in primary bond deals, but Latin America’s new issue market marched on this week with three corporates issuing on Thursday.

Brazilian cement company Votorantim Cimentos (VotoCim) began meeting fixed income investors on Thursday ahead of a potential bond issue that will be used to buy back one or two existing euro-denominated notes.

Brazilian cement company Votorantim Cimentos (VotoCim) will begin meeting fixed income investors on Thursday ahead of a potential bond issue that would be used to buy back up to two existing euro-denominated notes.

Bondholders owning some 71.11% of Brazilian meatpacker Minvera’s 7.75% 2023s agreed to tender their paper by the earlybird deadline of September 14, the issuer said.

Brazilian telecoms company Oi lost its chief financial officer and investor relations head on Monday as bondholders looked unlikely to accept the issuer’s proposed restructuring terms.

Lat Am new issue activity could hardly have had a better start to September as Minerva Foods raised $1bn of 10 year bonds at a flat to negative new issue concession. Strong flows into EM funds are creating conditions that are hugely attractive for borrowers.

Brazilian telecoms giant Oi’s bonds fell in secondary markets after the company filed a restructuring proposal at a Rio de Janeiro court on Monday night.

Emerging market economic growth managed to hang on to much of its momentum over August, according to the latest release of the IHS Markit Emerging Market Composite PMI index.

Three Latin American corporates announced roadshow plans on Wednesday as appetite for EM credit shows no sign of softening.

Brazilian meatpacker Minerva announced initial price thoughts of 7% on Wednesday afternoon for a benchmark sized 10 year non-call five deal to fund a tender offer.

Gulf supply remained the dominant theme in CEEMEA bonds again this week as markets reopened in buoyant mood after Monday’s US holiday.

Brazilian meatpacker Minerva will opt for a 10 year maturity when it returns to bond markets, according to Standard & Poor’s.