Brazil

Brazilian bank BTG Pactual will buy back 30% of its existing perpetual bonds after strong participation by affiliates of the lender that hold the notes.

Brazil’s largest private sector bank Itaú is set to price its first Basel III-compliant hybrid perpetual note on Tuesday after setting initial price thoughts that bankers away from the deal described as “promising” for the borrower.

Brazilian meatpacker Minerva will wrap up investor calls on Tuesday as it plans a deal to finance a tender offer for existing bonds.

Banco Votorantim kicked off a run of issuance from Brazilian banks with a Basel III-compliant additional tier one perpetual non-call five deal on Thursday.

Brazilian utility Cemig on Thursday notched up $1bn of seven year money well inside the expectations of many market participants, as bankers said LatAm funding conditions were as strong as ever.

Brazil’s largest airline, Gol, is set to return to bond markets boasting five consecutive quarters of positive cash generation just a year and half after a distressed debt exchange on which some bondholders took a hefty haircut.

Brazilian low cost airline Gol will look to raise between $350m and $550m of new seven year notes as part of a liability management exercise, less than 18 months after a distressed debt exchange.

A Brazilian high yield duo is set to test the Lat Am bond market’s appetite for risk next week as they plot two of the racier deals to emerge from the region this year.

Brazilian energy company Petrobras has returned to the loan market after a four year absence with a $1bn syndicated loan.

Brazilian engineering group Andrade Gutierrez has begun to reduce a looming bond maturity, which is concerning rating agencies, with a tender offer to be funded by cash.

Minas Gerais state power utility Cemig announced its second roadshow of the year the day after signing a R$4bn ($1.23bn) bank loan as it looks to improve its liquidity position via a renewed attempt to sell international bonds.

The banking arm of Brazilian conglomerate Votorantim will kick off investor meetings later this week ahead of a planned Basel III-compliant additional tier one (AT1) deal as Latin America DCM bankers say that more bank capital trades are on the way.