South America

Bond bankers were struggling to remember a time when a single-B credit had provided the first LatAm deal of the year, but Petrobras’ new issue succeeded in blowing the market wide open as borrowers line up to raise funding.

BRF, the Brazilian food conglomerate, has confirmed that it is considering London for an IPO of its halal food business, although a final decision has not been made.

Petrobras has opened books on the first non-Asian emerging markets bond of the year, and is marketing a four-tranche dollar bond.

Fast growing Argentine energy company Pampa Energía will begin investor meetings on Tuesday as it plans a much anticipated debut bond sale to refinance loans used to purchase Petrobras’ Argentine operations last year.

Venezuela’s surprise issuance of $5bn of 20 year bonds in a private placement sold this week to state-owned Banco de Venezuela had no obvious explanation, said bond market participants.

Pulp and paper producer Fibria Celulose is looking to become the second Brazilian company in the sector to issue green bonds after mandating five banks to manage an investor roadshow.

Power generation company Genneia looks set to become the first Argentine company to debut in bond markets this year as DCM bankers predict a slew of new corporate issuers from the country in 2017.

Brazilian corporates Fibria Celulose and Raizen are looking to sell dollar bonds this month as bankers say issuances volumes from Latin America’s largest economy will continue to recover in 2017.

Cash strapped Venezuela has issued $5bn of 20 year bonds in a private placement sold to state-owned Banco de Venezuela and the central bank.

Argentina’s resurgence in international bond markets helped JP Morgan end 2016 as the top firm in primary in Latin America bond markets, up from sixth place in 2015, according to Dealogic.

Brazilian steel company Usiminas has given its dollar bondholders until January 12 to approve its restructuring of domestic debt, the second time it has pushed out the deadline.

Brazilian company Suzano Papel e Celulose, which sold green bonds both internationally and domestically this year, is keen to issue more green bonds when it has eligible projects to fund, according to the company’s CFO.