Brazil

Brazilian government-owned oil company Petrobras will repurchase nearly half of its 2023s after wrapping up the first stage of a tender offer that could total $4.5bn.

More Latin American issuers could look for 30 year debt in international markets, said DCM bankers after Petrobras sold its first new note at that point of the curve since 2014.

Banco do Brasil returned to dollar markets on Wednesday, taking advantage of scarcity value to snatch a tight five year senior unsecured benchmark.

Banco do Brasil became the second state-owned Brazilian issuer to tap dollar markets in two days as it snatched a tight five year senior unsecured benchmark.

After the quietest start to a year in nearly a decade, Latin American primary markets jolted into action on Tuesday with Brazilian oil giant Petrobras making the biggest splash.

Bond investors are betting that Brazilian steel producer Companhia Siderúrgica Nacional (CSN) can complete its comeback from the brink. Its bonds have rallied strongly enough for some holders to speculate a new issue may be on the cards.

A robust balance sheet did not protect Vale from returning to junk status with Moody’s this week as the Brazilian mining company’s bonds suffered the agency’s decision to punish the borrower.

Brazilian mining giant Vale’s bonds led losses in emerging markets on Wednesday after Moody’s became the first rating agency to put the notes on the junk pile in reaction to a tragic dam collapse.

Latin American bond bankers were left envying colleagues covering other markets as the region missed out on strong global credit conditions with a dead week for new issue activity.

Latin America's primary bond market has had its slowest start for nine years despite strong appetite for emerging market debt. This has presented an unexpected opportunity for issuers, and those from Brazil are best placed to take advantage.

Brazil’s first attempt to reduce the pension burden at the heart of its fiscal problem impressed analysts on Wednesday, though it did little to lift bond prices with many investors having already taken a bullish view on the prospects of reform.

Latin America's primary bond market has had its slowest start for nine years despite strong appetite for emerging market debt. This has presented an unexpected opportunity for issuers, and those from Brazil are best placed to take advantage.