LatAm Bonds

Bondholders owning some 71.11% of Brazilian meatpacker Minvera’s 7.75% 2023s agreed to tender their paper by the earlybird deadline of September 14, the issuer said.

A serene summer came to an end this week as uncertainty over a possible US interest rate hike brought volatility back to EM bond markets just as slew of Lat Am borrowers were ready to issue.

Venezuelan state oil giant PDVSA’s proposed debt swap could make its bonds an even more attractive prospect than some investors feel they already are, but economists warned it would do nothing to treat the country’s deep economic crisis.

Mexican oil company Pemex pressed ahead with a new issue on a tough Tuesday in markets, raising $4bn of seven and 31 year bonds that both traded above par despite Lat Am credit in general remaining volatile on Wednesday and Thursday.

Peru's finance minister, Alfredo Thorne, will be among the representatives as the country carries out a week-long roadshow starting on Monday ahead of a planned sol-denominated bond issue.

Some 54 anchor orders of more than $50m each helped Mexican oil company Pemex to raise $4bn of new bonds on Tuesday despite volatility sweeping Lat Am bond markets following a sell-off in US Treasuries.

Brazilian telecoms company Oi lost its chief financial officer and investor relations head on Monday as bondholders looked unlikely to accept the issuer’s proposed restructuring terms.

Colombian oil company Pacific Exploration & Production said on Monday that it expects to close a restructuring that would see bondholders and private equity firm Catalyst Capital take control of the firm in the week of October 3.

Argentina’s southernmost province Tierra del Fuego could look to meet fixed income investors in late October, defying the expectations of several Lat Am bankers and investors, as it considers raising $150m of bonds.

Lat Am new issue activity could hardly have had a better start to September as Minerva Foods raised $1bn of 10 year bonds at a flat to negative new issue concession. Strong flows into EM funds are creating conditions that are hugely attractive for borrowers.

Mexico-based lender Banco Inbursa — part of the Carlos Slim empire — began marketing a planned 10 year senior unsecured bond on Thursday as it looks to tap international bond markets for the first time in over two years.

Brazilian telecoms giant Oi’s bonds fell in secondary markets after the company filed a restructuring proposal at a Rio de Janeiro court on Monday night.