Brazil

Refinancing risk for non-financial corporate bonds remains “high”, said Fitch on Tuesday, pointing out that more than $30bn of Latin American non-financial corporate bonds will mature in the next 18 months.

Brazilian state owned lender Banco do Brasil will buy back 12.5% of its 9.25% perpetual bonds after a tender offer was oversubscribed during the early bird phase.

Brazilian telecoms giant Oi filed for bankruptcy this week, after the company refused to meet bondholders’ demands for a restructuring that would have seen creditors take a 95% share of the company.

Brazilian low cost airline Gol has finally ceded ground to bondholders in its debt restructuring negotiations, sweetening their incentives to participate in a deal.

Fitch gave Brazilian telco Oi yet another downgrade on Friday after the company, which has nearly $15bn of debt, revealed that it had not responded to a restructuring proposal from bondholders.

More than three quarters of Brazilian industrial conglomerate Cosan’s bondholders agreed to sell their bonds in the early bird phase of a tender offer.

Petrobras made clear its desire to buy back as much of its 8.375% notes due 2018 as possible on Wednesday after extending final deadline of a tender offer for the notes for a second time.

Foreign bondholders in Usiminas, the Brazilian steel company, may yet make it out unscathed after the company reach a debt restructuring agreement with its bank lenders and local bondholders.

Eight corporates and one sovereign raised international bonds from Latin America this week as overwhelming technicals, a newly dovish US Fed and fears of post-Brexit trauma led the region’s borrowers to flock to markets.

Brazilian pulp producer Eldorado Brasil Celulose is hoping to become the first debut issuer from the country since November 2014 after announcing initial price thoughts of high 8%.

Latin America DCM bankers said that Vale had timed its return to bond markets to perfection after the Brazilian mining giant pounced on the huge rally in Lat Am credit that followed disappointing US non-farm payroll on Friday.

Industrial conglomerate Cosan will be hoping market conditions do not turn against it for a third time after it launched a tender offer and announced investor meetings ahead of a possible new bond.