Brazil

Brazilian development bank BNDES surprised some bond market bankers by opting not to issue its first ever green bond the day after its roadshow ended. But conditions appear ripe for the deal when it does arrive.

Santander’s Brazilian operations were behind a 14% increase in the group’s attributable profit for the first quarter, with the UK arm also rebounding from a weaker 2016.

The week after the IFC and Amundi announced plans for the largest dedicated green bond fund in emerging markets, Brazilian bank BNDES will meet investors ahead of a potential green debut.

A glimpse of the future has arrived with the publication of a report modelling the credit risk banks face from drought. The effect on loan portfolios could be severe — and the research illustrates the new kinds of risk management banks will have to do as the world’s climate becomes more volatile.

Less than a month after it removed the negative outlook on Brazil’s Ba2 rating, Moody’s has edged state-owned oil giant Petrobras closer to the double-B territory it occupies with other rating agencies.

Brazilian energy company Petrobras has kicked off global syndication for a $1bn facility, which it is borrowing through its overseas arm Petrobras Netherlands.

The largest McDonald’s franchise operator in the world attracted a super-sized $2bn of demand for a deal of just $265m on Thursday as investors said the allocation bun fight left them wanting more Big Mac bonds.

Chilean-Brazilian Latam Airlines is likely to be at the centre of a rush of corporate bond supply from Latin America next week after Standard & Poor’s praised the company’s cost-cutting efforts.

Moody’s gave the world’s largest operator of McDonald's franchises a lift as it prepares to return to bond markets with a $300m 10 year deal.

Latin America’s largest economy looks to have halted its three year slide down the ratings scale after Moody’s removed the negative outlook on Brazil’s Ba2 credit rating.

Santander has looked internally to replace its departing head of Latin American debt capital markets, GlobalCapital understands.

Syndicate bankers often joke that Brazil issuing is a sign that it’s time to sell Latin American bonds, and a sell-off indeed began this week just as the sovereign was pricing its latest deal. But market jitters should not distract from an improving picture in the country.