Brazil

The Argentine province of Córdoba is looking to sell a five year bond inside its provincial peers and only just wide of the City of Buenos Aires after announcing initial price thoughts of mid 7% for a new five year dollar benchmark.

Brazilian state owned oil company Petrobras has intensified its efforts to persuade holders of its 8.375% 2018s to part with their paper, increasing the price it is willing to pay for the notes from 107.875 to 110.

Brazilian state owned oil company Petrobras has intensified its efforts to persuade holders of its 8.375% 2018s to part with their paper, increasing the price it is willing to pay for the notes from 107.875 to 110.

Brazilian pulpmaker Eldorado Brasil Celulose is understood to be planning to meet fixed income investors as soon as this week ahead of a $500m debut international bond sale.

Brazilian meatpacker Marfrig increased the size of a new bond by 50% and still saw it trade two points above reoffer the day after pricing this week as Lat Am syndicate bankers said they were lining up more corporate issuance from beleaguered Brazil.

Meatpacker Marfrig increased the size of the its new seven year non-call three bond from $500m to $750m to send a message that, in the case of certain issuers at least, Brazil is back.

Derivatives traders this week took the resignation of Brazilian planning minister Romero Juca in their stride, leaving key measures of risk largely unchanged.

Meatpacker Marfrig announced initial price thoughts low to mid 8% area for a new seven year non-call three bond expected to be priced on Wednesday, with S&P so impressed by the company’s capital market activity that it assigned a positive outlook to the rating.

Meatpacker Marfrig will meet investors this week as it looks to show that the poor secondary market performance of Petrobras’ new bond will not damage Brazilian companies’ ambitions of returning to markets.

Latin America bond bankers put on brave faces after Petrobras’ return to bond markets soured when its new 10 year traded down as much as five points just two days after pricing. Oliver West reports.

Latin American DCM bankers drew positive conclusions from Petrobras’ first international bond in nearly a year as the Brazilian state oil giant raised more than twice what it needed to for a liability management exercise.

Brazilian bonds ended roughly flat on Thursday after a majority of senators voted for an impeachment trial of president Dilma Rousseff as many investors said the move was already priced in, but there was enthusiasm among bankers about the possibility of a renaissance in issuance from the country.