South America

Andrade Gutierrez, the Brazilian construction firm, wrapped up its debt restructuring this week with a well-received bond exchange as Brazilian high yield names keep investors on their toes in the absence of new issuance.

Investor concerns over a growing corruption scandal in Argentina brought a new bout of volatility to Latin American bonds this week, with market participants on both the buy-side and sell-side appearing to have written off the prospect of new issuance in September.

Brazilian shopping centre operator General Shopping e Outlets do Brasil will buy back $48.297m of its perpetual bonds in a move considered credit positive by Moody’s.

Alberto Carrasquilla Barrera returned for his second stint as Colombian finance minister on Tuesday. While investors are happy with his return, and are keen to boost their exposure to the country’s bonds, debt issuance is likely to be limited.

Chile’s corporate issuers are well placed to stand firm as Latin America’s best-rated sovereign experiences a gradual decline in its stellar credit quality, said Moody’s on Monday.

Owners of Brazilian engineering and construction firm Andrade Gutierrez’s defaulted bonds have overwhelmingly approved an exchange that pushes out the maturity and increases interest payments, the company said on Monday.

Argentine electricity generation company Albanesi’s bonds found support in secondary markets at the end of the week after a 17 point drop following the arrest of its chief executive.

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.

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.