Brazil

Telecoms giant Oi filed a restructuring proposal at a Rio de Janeiro court on Monday night as it seeks consensus on the largest bankruptcy in Brazilian history.

Brazilian meatpacker Minerva should be the first of many Latin American issuers to hit cross-border new issue markets in September, said bankers, as a quiet period of primary activity and continued fund inflows have left investors hungry for paper.

BTG Pactual has rehired its former head of Lat Am fixed income syndicate just eight months after letting her go.

The Brazilian senate’s vote to formally remove president Dilma Rousseff from office had already been priced into bond markets, according to bankers, though the vote appeared to have done no harm to issuance chances as Minerva announced a roadshow on Wednesday.

trueEX, a New York based interest rate swap trading platform, has begun providing execution of Brazilian real swaps cleared at CME Group.

trueEX, the interest rate swap trading platform, has begun providing execution of Brazilian real swaps cleared at CME Group.

A welcome trio of non-Argentine corporate issuers provided variety to the Latin American new issue market this week, with all three achieving the rare distinction of being praised by DCM bankers both for their timing and for not pushing investors too hard on pricing.

Lat Am bond bankers said Brazilian mining giant Vale had timed its second bond issue of the year to perfection, but the bond left investors happy too as it popped in the grey market on Wednesday.

Brazilian firm Banco Itaú’s head of Latin American debt capital markets has left the bank, according to two sources.

Brazil underlined its re-entry to EM investors’ good books on Thursday with a $1.5bn long 30 year issue that bankers saw as taking advantage of the sovereign’s particularly flat curve.

Two high yield companies reminded bond markets that there’s life in Latin America outside of Argentina by selling dollar deals linked to liability management exercises this week.

Brazilian industrial conglomerate Cosan followed the strategy of its compatriot Petrobras on Monday, tapping recently issued bonds after a strong response to a tender offer.