Brazil

All three major rating agencies gave a green light to Brazilian meatpacker JBS’s recent refinancing last week, saying that the new agreement with its lenders meant a significant improvement in the company’s liquidity position.

Unigel, the Brazilian petrochemicals company, completed an inaugural international bond sale on Tuesday in a deal with a highly targeted distribution after drastically sweetening terms for investors.

Unigel, the Brazilian petrochemicals company, has set initial price thoughts on a planned inaugural international bond two months after it aborted a first attempt.

Engineering and construction company Andrade Gutierrez Engenharia, one of the largest contractors in Latin America, failed to repay a senior unsecured bond that matured on April 30.

Brazilian oil and gas producer Petrobras will continue to tidy up its debt profile with the buy-back of two bonds due in 2020, it said on Wednesday.

Engineering and construction company Andrade Gutierrez Engenharia, one of the largest contractors in Latin America, failed to repay a senior unsecured bond that matured on April 30.

Light, the Rio de Janeiro electricity company, will begin investor meetings on Wednesday ahead of a potential debut international bond sale.

A more volatile day in markets on Friday didn’t stop Brazilian pension fund RioPrevidencia’s deal trading well on the break as syndicate bankers covering Latin America remain positive on the primary market’s near-term prospects.

Two high profile Latin American issuers brought the region’s corporate sector back into play on Thursday. Mexico’s Grupo Bimbo and Brazilian lender Banco do Brasil both managed hefty spread tightening after offering conservative price talk, much like the EM sovereigns that dominated primary markets.

Moody’s said that it believed fiscal reforms in Brazil were inevitable no matter who wins October’s election, removing the country’s negative outlook just weeks after the rating agency’s peers downgraded the sovereign.

Three of Brazil’s most important issuers received overwhelming responses to tender offers in the last week, as the country’s corporates focus on liability management.

Rio Oil Finance Trust, the SPV through which Rio de Janeiro’s state pension fund RioPrevidencia issues bonds backed by royalties from state oil giant Petrobras, has a knack for timing.