South America

Brazilian bank BTG Pactual will buy back 30% of its existing perpetual bonds after strong participation by affiliates of the lender that hold the notes.

Brazil’s largest private sector bank Itaú is set to price its first Basel III-compliant hybrid perpetual note on Tuesday after setting initial price thoughts that bankers away from the deal described as “promising” for the borrower.

Brazilian meatpacker Minerva will wrap up investor calls on Tuesday as it plans a deal to finance a tender offer for existing bonds.

Banco Votorantim kicked off a run of issuance from Brazilian banks with a Basel III-compliant additional tier one perpetual non-call five deal on Thursday.

Argentine province Rio Negro on Thursday became the 14th province — and 16th sub-sovereign — from the country to issue in international markets since the sovereign settled with holdout bond investors in April 2016.

Brazilian utility Cemig on Thursday notched up $1bn of seven year money well inside the expectations of many market participants, as bankers said LatAm funding conditions were as strong as ever.

Brazil’s largest airline, Gol, is set to return to bond markets boasting five consecutive quarters of positive cash generation just a year and half after a distressed debt exchange on which some bondholders took a hefty haircut.

Corporacion Andina de Fomento tapped its September 2027 Kangaroo line on Tuesday, the first increase since it opened the line in March.

Brazilian low cost airline Gol will look to raise between $350m and $550m of new seven year notes as part of a liability management exercise, less than 18 months after a distressed debt exchange.

Colombia’s finance ministry has turned to a former employee to run the public credit office after the previous chief funding official resigned last week.

A Brazilian high yield duo is set to test the Lat Am bond market’s appetite for risk next week as they plot two of the racier deals to emerge from the region this year.

Brazilian energy company Petrobras has returned to the loan market after a four year absence with a $1bn syndicated loan.