South America

Brazilian low-cost airline Gol increased the size of a tap of its newest bonds on Tuesday after opting for a two day execution to allow Asian investors to participate.

Brazilian low-cost airline Gol increased the size of a tap of its newest bonds on Wednesday as part of a strategy to actively manage its debt maturity profile.

South America’s best-rated sovereign sold its second cross-border bond in three business days on Monday, matching the lowest spread it has ever paid in the dollar market — despite offering more new issue premium than recent lower rated Lat Am deals.

Brazilian low-cost airline Gol left books open overnight for its latest dollar deal as investors said they understood the company was expecting some Asian demand.

Peruvian lender Interbank will increase the size of its recently issued 2023s by nearly $285m after bondholders of its old 2020s agreed to switch into the new bonds.

Brazilian state-owned oil giant Petrobras, the most prolific dollar issuer in emerging markets, returned to the bond markets on Thursday with a flat to negative new issue concession amid overwhelming appetite for paper.

Three Argentine companies sold dollar deals this week to bring welcome new supply to EM investor portfolios but it was a familiar story on pricing as even the duo of debut issuers in the market offered slim pickings in terms of concession.

DCM bankers said Chile was reaping the rewards of repeated issuance in the euro market after the sovereign clinched an €830m 11 year deal at a slimmer than usual premium to its dollar curve.

Energy company Genneia has become the first Argentine company to tap international bond markets this year with a tap of its existing bonds that bodes well for a likely debut from its peer SMU Energy later in the week.

Chilean lender Banco del Estado de Chile (Banco Estado) returned to the Aussie dollar market last week with a A$40m ($31.9m) trade.

Natura Cosméticos, the Brazilian cosmetics and personal care group that bought UK firm The Body Shop from L’Oréal last year, is to meet bond investors this week as it looks to refinance the debt used to finance the acquisition.

The Brazilian sovereign continued a busy period for the country’s issuers with a tap of its existing 30 year bonds on Thursday as bankers said that borrowers from the country were rushing to issue ahead of elections later this year.