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GC Asia
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Braskem buys back bonds with eyes on IG
Braskem, the Brazilian petrochemicals company downgraded to junk last year, will use cash to repurchase over $230m of bonds as it reduces its debt ratio to regain investment grade status.
21 Jun 2021 -
LatAm pauses as market softens but bankers calm on Fed moves
Latin America bond market participants saw signs this week that risk appetite is waning, with recent deals under par in secondary markets. Added to a more hawkish stance from the US Federal Reserve, bankers and investors expect issuance from the region to slow.
17 Jun 2021 -
BRF extends buy-back as bonds trade above tender price
Brazilian food company BRF said on Wednesday that it is giving bondholders more time to participate in a tender offer for a portion of its global bonds maturing in 2030.
17 Jun 2021 -
Suriname hits back at bondholders
The government of Suriname on Tuesday accused its bondholders of taking an “unconstructive and confrontational stance” after the creditor committee had on Monday opted to exercise an option that allowed them to cancel the payment relief previously offered to the sovereign.
16 Jun 2021 -
Mastellone falls short on distressed exchange
Mastellone Hermanos, the largest dairy company in Argentina, has fallen short of getting the bondholder support it needs for its proposed distressed exchange offer. The borrower, which is dealing with the fallout from capital controls in its home country, needs the support of another 1.47% of its bondholders to proceed with the offer.
16 Jun 2021 -
Brazilian utility issues but LatAm lights to dim
Light, the fifth largest energy distributor in Brazil, issued $600m of five year bonds on Tuesday to wrap up a hectic period of LatAm high yield issuance. But the primary market is likely to take at least a one day pause as recent issues trade softly and the US Federal Open Market Committee (FOMC) concludes a two day meeting on Wednesday.
16 Jun 2021 -
JBS shows SLB label is nothing without scrutiny
Brazilian meatpacker JBS made an apparently impressive entry into the world of ESG debt last week with a well received sustainability-linked bond (SLB). While an SLB is an encouraging first step for a company that has for years been under the scrutiny of environmental campaigners, the KPIs in the deal cover a fraction of the company’s emissions, and the deal shows investors need be tougher on SLB issuers if the format is to have value.
15 Jun 2021 -
Credit Suisse hires for Brazil DCM
Credit Suisse has hired from a European rival to lead its Brazil DCM efforts as it edges up the LatAm bookrunner league tables.
15 Jun 2021 -
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Suriname creditors pull termination trigger with fraught talks ahead
A group of Suriname’s bondholders on Monday followed through on their threat to cancel the payment relief that they had offered the sovereign, effectively pushing the government into technical default. But the move only supports expectations that restructuring negotiations will be lengthy and fraught.
15 Jun 2021 -
SierraCol debuts in LatAm HY
SierraCol Energy, the Carlyle Group-owned spin-off of Occidental Petroleum’s onshore operations in Colombia, sold its inaugural international bond issue on Monday to continue a surge in LatAm high yield issuance — though some bankers felt the underwhelming aftermarket performance of other recent borrowers affected the deal.
15 Jun 2021
Latin America
Our coverage — led by our correspondent in Bogotá, Colombia, with support from the emerging markets desk in London — gives you the comprehensive story on how Latin America’s governments, banks and companies are financing themselves in bond markets.
GlobalCapital is the place to read LatAm deal analysis, market reaction, the drivers behind issuance trends, and about all the important goings-on in secondary markets and the increasingly busy world of debt restructuring.
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