LatAm Bonds

Having rocketed 13 points upon issuance last week, Brazilian telecom Oi’s new bonds dropped slightly in secondary in recent days as the buy-side waits to see whether they will be included in bond indices.

Brazilian engineering and construction firm Andrade Gutierrez has amended the terms of its bond exchange offer after discussions with the largest holders of its old notes.

Debt capital markets bankers covering Latin America say that it hard to convince the region’s issuers to return to bond markets even as investor sentiment seems to be stabilising.

A rapid improvement in Ecuador’s bond yields could tempt it into a new issue, said Nomura on Tuesday, despite the government’s stated desire to stay out of bond markets this year.

EM bond markets around the world have been forced by difficult conditions to shut down early for summer. The only trade due this week, from South Africa's Eskom, will have to attract investors that are ready to hunker down and wait for September.

Engineering and construction firm Andrade Gutierrez has amended the terms of its bond exchange offer after discussions with the largest holders of its old notes.

Latin America’s best rated sovereign lost its last double A rating last week as years of fiscal deterioration catch up with Chile.

Brazilian telecoms company Oi will choose to pay an all-cash coupon for the first payment of its newly issued seven year bonds, the restructured company said on Friday.

Engineering and construction company Andrade Gutierrez, one of the largest contractors in Latin America, is asking bondholders to push out a 2018 bond maturity that it failed to pay on April 30, with analysts expecting a majority to accept.

Brazilian telecoms company Oi is expected to release its new bonds — the product of a restructuring — on Friday. So highly anticipated are the notes that they have been exchanging hands way over par even before they were issued.

Brazilian shopping centre owner General Shopping has increased the buy-back price on a tender offer for some of its existing bonds, despite having already offered a pick-up to secondary market prices.

The new dollar bonds Brazilian company Oi will issue as part of its restructuring look very attractive, according to credit analysts, as the telecoms giant prepares to emerge from its mammoth R$65bn ($17.6bn) debt do-over.