LatAm Bonds

Central American sovereign El Salvador saw its first long bond in eight years tighten in secondary as investors gave new president Nayib Bukele a warm welcome this week.

Marfrig Global Foods, the Brazilian beef producer, has stirred up the green finance market by issuing a $500m ‘sustainable transition bond’. To some, it is a template for a new asset class that can help finance the global economy’s shift to lower carbon emissions. To others, it is a shocking case of greenwashing. By Oliver West and Jon Hay.

Brazilian conglomerate Cosan will repurchase around 60% of its 2024s after wrapping up the early-bird stage of a tender offer.

Brazilian meatpacker Marfrig on Tuesday sold $500m of bonds that will be used to fund cattle purchases that meet its environmental and sustainable criteria.

Scarcity value for long dated high yield paper and expectations of curve flattening helped El Salvador sell more than $1bn of 30 year paper in a highly oversubscribed deal on Tuesday amid strong bond markets.

Brazilian meatpacker Marfrig is looking to fund cattle purchases that meet its environmental and sustainability criteria through a debt sale that the company is describing as a “sustainable transition” bond.

Compañía General de Combustibles (CGC), the Argentine oil and gas exploration and production company, will receive a rating upgrade from Standard & Poor’s if it is able to refinance a $300m 2021 note with a new bond.

Three Latin America companies sold new bonds to buy back old ones this week as investor appetite shows no sign of letting up.

Latin American new issue volumes are rapidly catching up with last year’s totals and bond bankers expect some activity to continue during the usually quiet August period as borrower-friendly conditions endure.

Mexico responded to the lower rates environment on Tuesday with an opportunistic $3.56bn liability management exercise, shrugging off any credit worries to issue at a very slim concession.

Santander Corporate & Investment Banking (SCIB), Banco Santander’s investment banking unit, has appointed Marcel Patiño from Itaú BBA as its new head of Santander SCIB Colombia.

Peruvian holding company Intercorp Peru issued more debt than initially intended on Wednesday after notching a heavily oversubscribed order book in its first international trade since 2015.