Brazil

At least eight Latin American corporates are meeting fixed income investors ahead of potential dollar trades next week, with Brazilian credits in particular apparently keen to make up for lost time.

As its peer Suzano sold $400m of 10 and 30 year bonds on Tuesday, Brazilian pulp producer Klabin announced plans for its first international bond deal in over four years.

Pulp and paper producer Suzano Papel e Celulose reopened its 10 and 30 year bonds to the tune of $400m in total on Tuesday, sneaking into the market with a drive-by trade ahead of a long line of Latin America issuers that are meeting investors this week.

Brazilian mining giant Vale is looking to make the most of a better than expected cash position to redeem its 5.625% 2019s and buy back 4.625% 2020s through a tender offer.

Brazilian mining giant Vale looks set to continue to reduce its debt by redeeming its 5.625% 2019s and via a tender offer of its 4.625% 2020s.

There were no new bond issues from Latin America this week, but one EM syndicate banker claimed to be “brutally busy” pitching for September as market participants said Brazilian and Argentine issuers are likely to dominate new issue activity.

Standard & Poor’s has removed the immediate threat of a sovereign downgrade for Brazil after saying that the political landscape is “somewhat more settled” than it was in May, but markets hardly reacted.

The Commodity Futures Trading Commission (CFTC) this week settled with Aruba-based Copersucar Trading over wash trade allegations involving sugar futures traded on Intercontinental Exchange US.

Standard & Poor’s has removed the immediate threat of a sovereign downgrade for Brazil after saying that the political landscape is “somewhat more settled” than it was in May.

Deutsche Bank has appointed a new head of Latin America debt capital markets after promoting from within, according to sources with knowledge of the move.

JSL, the Brazilian logistics company that has been able to improve its cash flow generation despite Brazil’s worst ever recession, raised $325m of bonds due 2024 on Wednesday on its international bond debut.

French lender Crédit Agricole has hired Italo Lombardi from Standard Chartered as its Latin America economist and strategist.