South America

Government-owned Banco do Brasil attracted more than $6bn of orders for a $1bn trade on Wednesday as bankers said there was a strong pent-up bid from Brazilian debt.

Chile-headquartered Falabella will begin investor meetings on Wednesday as it plots its first international bond issuance in three years.

Brazil’s third largest airline could sell international bonds as soon as this week after mandating for a fixed-income investor roadshow.

Uruguay is in advanced discussions with clearing houses to make it easier for international investors to participate in its local curve, as the sovereign looks to integrate its domestically issued notes with the nominal global peso curve established this year.

Colombia’s third largest lender Banco Davivienda is planning a peso-denominated issuance of up to $500m-equivalent a week after Bancolombia reignited FIG issuance from the country.

Brazilian steelmaker Gerdau has increased the amount of bonds it will buy back in its latest tender offer after raising $650m of 10 year notes on Thursday.

Colombia’s largest lender, Bancolombia, raised $750m of tier two subordinated bonds this week in the first Basel III-compliant transaction from the country.

Brazilian steel producer Gerdau this week became the latest Latin American issuer to take advantage of hugely benign conditions to issue new debt inside where its existing curve was trading.

Luis Caputo, the finance minister of Argentina, said on Wednesday that the South American sovereign would likely return to the euro-denominated bond market in late October or early November.

The International Swaps and Derivatives Association (ISDA) on Wednesday published a protocol that limits the scope of legacy credit default swaps referencing Venezuelan debt to obligations not restricted by recent US sanctions on the country.

Chilean power company Colbún will buy back more than 70% of its existing $500m 6% 2020s after wrapping up the early-bird portion of a tender offer.

Brazil sold new 10 year bonds this week as part of a liability management exercise, using a combination of a cash tender and exchange offer to buy back $3bn of short-dated bonds.