LatAm Bonds

Brazilian iron ore producer Samarco Mineração’s bonds recovered slightly on Monday despite the issuer’s owners giving mixed signals regarding its attitude to the crisis-ridden company.

Banco Nacional de Desenvolvimento Econômico e Social (BNDES), the Brazilian government-owned development bank, on Monday became the latest financial institution from the country to look to take advantage of depressed bond prices by repurchasing debt below par.

Nomura has hired three managing directors within its emerging markets business — two from Barclays and one from Jefferies.

Fitch has cut the credit rating of Pacific Exploration and Production (formerly Pacific Rubiales) by two notches from B+ to B- and placed the issuer on rating watch negative after the agency revised its oil price outlook.

Pemex CFO, Mario Beauregard has resigned from the state-owned Mexican oil giant and will be replaced by a peer from a fellow government enterprise.

It is already evident that the human and environmental impact of last week’s burst dam at an iron ore mine in Minas Gerais, Brazil, will be tragic. But those left with the uneasy task of analysing the financial fallout on the company that operated the mine still have more questions than answers as the bonds sold off 30 points.

Latin American bond markets suffered another turbulent week as the old problems of rate rise fears and commodity price slumps resurfaced.

The level of support that Brazilian iron ore pellet producer Samarco Mineraçao’s high profile shareholders provide the company could determine just how serious the effects of last week’s dam accident will be, said Fitch on Wednesday.

Middle East deals are having a bumpy ride, with one missing benchmark size on a Reg S deal and another failing to appear after finishing a roadshow. But neither backdrop nor the end of year approach is stopping fresh Middle East focussed deals hitting screens.

Argentina’s leading mortgage lender is looking to raise at least $200m in the international bond markets to finance a tender offer of outstanding debt due April 2016.

Chilean financial services firm, Tanner appeared to have done a disappearing act this week, seemingly cancelling its attempts to raise dollar debt having released price thoughts last Friday.

Moody’s has cut the rating on Brazilian shopping centre owner General Shopping’s $315m unsecured bonds from B2 to Caa1, saying there is an “elevated” risk of default in the next year or two.