Latin America

Latin American bond bankers are presenting unusual structures to potential buyers, even as markets remain weak and more straightforward, well-known credits are managing only modestly successful deal execution.

Meatpacking company Minerva began investor meetings on Wednesday ahead of a planned new perpetual bond issue that will pay for a tender offer of the company’s existing perps, as Brazilian issuers focus on liability management.

Mexican food producer Sigma Alimentos was the only Latin American borrower to issue internationally this week as bankers said that issuance conditions remained difficult.

RHI Magnesita, the Austrian-Brazilian maker of refractory products, has refinanced its debt with a new €305.6m five year term loan.

Peru’s dollar denominated sovereign bonds dipped in secondary markets on Wednesday afternoon after president Pedro Pablo Kuczynski (PPK) resigned before a pending impeachment vote, but had recovered most of their losses by end of play.

AT&T’s Latin American subsidiary began investor meetings on Wednesday ahead of an international bond debut that may include an Argentine peso tranche.

Funding officials said green bonds had stimulated other sustainability work across their organisations at the Climate Bonds Initiative conference in London on Tuesday.

Fitch Ratings said on Tuesday that Vrio Corp, AT&T’s Latin American subsidiary, was planning a $1.5bn international bond issue half denominated in Argentine pesos.

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.