LatAm Bonds

Celse (Centrais Electricas de Sergipe), the Brazilian energy company, has begun an investor roadshow ahead of the planned issuance of Brazilian real-denominated notes backed by Swiss Export Risk Insurance (Serv).

Brazilian meatpacker Minerva will hit the road on Wednesday ahead of a planned new perpetual bond issue that will pay for a tender offer of the company’s existing perps.

Brazilian state oil giant Petrobras has launched a tender offer for up to $4bn of debt across six different bonds maturing between 2020 as 2023 as it continues to tidy up its liabilities.

Moody’s has warned that InRetail Shopping Malls’ plans to raise new debt — in part to fund an acquisition by a separate subsidiary of its parent company — were a 'distinct credit negative', as the Peruvian company plots investor meetings this week.

The largest dairy company in Argentina is looking at calling its existing 2021s in July after filing a new debt shelf, according to market sources in Buenos Aires.

Latin American borrowers appeared willing to brave weaker markets this week as three issuers announced deals — though only two had been priced by Thursday’s close.

Brazilian mining giant Vale is set to continue its rapid deleveraging process with a tender offer for up to $1.75bn of two bonds maturing in 2021 and 2022 and the redemption of all of its 2020s.

Brazil’s largest private sector lender Banco Itaú was unable to tighten pricing from initial price thoughts on its return to bond markets on Monday as investors remain hesitant to add risk in choppy markets.

Brazilian mining giant Vale is continuing its liability management efforts, with a tender offer for up to $1.75bn of two bonds maturing in 2021 and 2022, having already decided to exercise its right to redeem all of its 2020s.

Petrochemicals company Unigel has set initial price thoughts of 8% for its planned seven year international bond debut. The deal may provide the best indicator yet of how market appetite for Lat Am credit was affected by February’s volatility.

Emerging market bond investors are reporting low secondary flows in a market dominated by new issues this week. And the mixed performance of those new deals is expected to weigh on investor appetite for this week’s trades.

Brazil’s largest private sector lender Banco Itaú sold $750m of additional tier one notes on Monday, just three months after its most recent issuance in the format.