South America

Bondholders owning some 71.11% of Brazilian meatpacker Minvera’s 7.75% 2023s agreed to tender their paper by the earlybird deadline of September 14, the issuer said.

A serene summer came to an end this week as uncertainty over a possible US interest rate hike brought volatility back to EM bond markets just as slew of Lat Am borrowers were ready to issue.

Venezuelan state oil giant PDVSA’s proposed debt swap could make its bonds an even more attractive prospect than some investors feel they already are, but economists warned it would do nothing to treat the country’s deep economic crisis.

Peru's finance minister, Alfredo Thorne, will be among the representatives as the country carries out a week-long roadshow starting on Monday ahead of a planned sol-denominated bond issue.

Brazilian telecoms company Oi lost its chief financial officer and investor relations head on Monday as bondholders looked unlikely to accept the issuer’s proposed restructuring terms.

Colombian oil company Pacific Exploration & Production said on Monday that it expects to close a restructuring that would see bondholders and private equity firm Catalyst Capital take control of the firm in the week of October 3.

Argentina’s southernmost province Tierra del Fuego could look to meet fixed income investors in late October, defying the expectations of several Lat Am bankers and investors, as it considers raising $150m of bonds.

Lat Am new issue activity could hardly have had a better start to September as Minerva Foods raised $1bn of 10 year bonds at a flat to negative new issue concession. Strong flows into EM funds are creating conditions that are hugely attractive for borrowers.

Brazilian telecoms giant Oi’s bonds fell in secondary markets after the company filed a restructuring proposal at a Rio de Janeiro court on Monday night.

Kernel — Podravka — Masisa — Fabory

Emerging market economic growth managed to hang on to much of its momentum over August, according to the latest release of the IHS Markit Emerging Market Composite PMI index.

Three Latin American corporates announced roadshow plans on Wednesday as appetite for EM credit shows no sign of softening.