Brazil

Marfrig Global Foods, the Brazilian beef producer, has stirred up the green finance market by issuing a $500m ‘sustainable transition bond’. To some, it is a template for a new asset class that can help finance the global economy’s shift to lower carbon emissions. To others, it is a shocking case of greenwashing. By Oliver West and Jon Hay.

Brazilian conglomerate Cosan will repurchase around 60% of its 2024s after wrapping up the early-bird stage of a tender offer.

Brazilian meatpacker Marfrig on Tuesday sold $500m of bonds that will be used to fund cattle purchases that meet its environmental and sustainable criteria.

Brazilian meatpacker Marfrig is looking to fund cattle purchases that meet its environmental and sustainability criteria through a debt sale that the company is describing as a “sustainable transition” bond.

Three Latin America companies sold new bonds to buy back old ones this week as investor appetite shows no sign of letting up.

Brazilian conglomerate Cosan returned to bond markets on Wednesday with a $750m 10 year non-call five year trade that bankers on the deal said landed close to fair value.

Brazilian airline Gol reopened its convertible bonds for a further $80m last week, taking advantage of a strong performance of its existing bonds and stock to achieve pricing that the CFO described as “fantastic” and leave the company in a position to continue its liability management.

Latin American borrowers continue to make up for lost time amid encouraging issuance conditions as debt capital markets bankers say a few more could sneak through to primary markets before the August break.

Petrobras will buy back $1.79bn of dollar bonds to go with the $639m-equivalent it spent repurchasing sterling and euro notes last week, but the Brazilian state-owned oil giant’s debt buy-back looks set to fall below the $3bn target on this occasion.

Five Latin American companies and Caribbean-based Cable & Wireless (C&W) all sold dollar deals on Thursday, as borrowers jumped on improved expectations of a US rate cut and seemed to shrug off a sell-off in US Treasuries later in the day.

While US market participants were on holiday last week, Brazil’s lower house passed legislation that is central to bond investors’ optimistic thesis on Latin America’s largest economy.

Brazilian state-owned oil company Petrobras is to continue its deleveraging process by using cash to buy back up to $3bn of existing bonds, giving first priority to euro and sterling paper.