Brazil

Moody’s has cut the rating on Brazilian shopping centre owner General Shopping’s $315m unsecured bonds from B2 to Caa1, saying there is an “elevated” risk of default in the next year or two.

Options and swaps market price action suggests that foreign investors are starting to believe that the macroeconomic and political risks for Brazilian assets have found a bottom.

The Petrobras corruption scandal continues to trouble the firm's business partners as Odebrecht Offshore Drilling Finance received another downgrade on Friday following the September cancellation of the ODN Tay IV contract.

Public sector borrowers have jumped on demand for Brazilian real notes with a flurry of medium term notes — and there is more in the pipeline, said niche currency and MTN bankers.

Brazilian meatpacker Marfrig has completed a tender offer on four of its bonds, spending just over $400m of the $1.21bn in cash it received from the sale of its UK subsidiary on the buyback.

Struggling Brazilian telco Oi received a welcome lift in the eyes of its bondholders on Monday after a Russian investment group proposed to invest in the company if it merges with rival Tim.

Peru looked set to test the euro market for the first time in more than a decade after announcing plans for an extensive European roadshow.

Fitch has downgraded a series of project bonds issued by Odebrecht’s oil and gas subsidiary for the fifth time this year following the early termination of an oil rig contract by Petrobras.

Banco ABC Brasil this week became the fourth Brazilian lender and the sixth issuer from the country in a month to launch a tender offer for existing debt as low dollar prices make bond buybacks attractive.

Two Brazilian lenders have concluded buybacks of subordinated notes, with Banco Votorantim easily passing its target and Banco BMG getting close.

Banco ABC Brasil has become the fourth Brazilian lender and sixth Brazilian issuer to launch a tender offer for existing debt in the last month as low dollar prices make bond buybacks attractive.

Brazilian meatpacker Marfrig Global Foods has hired Braskem’s popular head of investor relations to lead its investor relations and strategic planning departments.