South America

Pesquera Exalmar, the Peruvian fishmeal farmer, achieved the majority consent from its bondholders this week that it needed to issue a senior secured loan.

Brazilian meatpacker Minerva should be the first of many Latin American issuers to hit cross-border new issue markets in September, said bankers, as a quiet period of primary activity and continued fund inflows have left investors hungry for paper.

BTG Pactual has rehired its former head of Lat Am fixed income syndicate just eight months after letting her go.

The Brazilian senate’s vote to formally remove president Dilma Rousseff from office had already been priced into bond markets, according to bankers, though the vote appeared to have done no harm to issuance chances as Minerva announced a roadshow on Wednesday.

Wednesday’s announcement from Colombia’s government that it had successfully concluded peace talks with the FARC guerrilla group after more than 50 years of war comes just as the sovereign lines up a prefinancing issue in dollars.

Pesquera Exalmar, the Peruvian fishmeal farm, has extended the deadline of a tender offer and consent solicitation on its 7.375% bonds due 2020 from August 19 to August 30 as it seeks bondholder approval for a new senior secured loan.

Latin America global local currency issuance, one of the biggest casualties of the so-called 'taper tantrum' that rocked EM bond markets in 2013, is back on the agenda as dollar yields plummet.

Colombia’s dollar bonds did not budge on Wednesday after the announcement of a successful conclusion of four years of peace talks, but investors and analysts said the news was crucial for the approval of a tax reform needed for the sovereign to maintain its credit rating.

DCM bankers covering Colombia said they expect the South American sovereign to issue in the autumn despite announcing on Tuesday it would increase local market bond sales by Cp8tr ($2.74bn) this year.

Colombian oil company Pacific Exploration & Production’s board of directors said on Monday night that it continued to prefer Catalyst Capital’s original restructuring proposal, which could be approved in a Canadian court on Tuesday, to an alternative bid made last week.

Pesquera Exalmar, the Peruvian fishmeal farm, has extended the deadline of a tender offer and consent solicitation on its 7.375% bonds due 2020 from August 19 to August 30 as it seeks bondholder approval for a new senior secured loan.

A last minute bid by O’Hara Administration to interrupt Colombian oil company Pacific Exploration & Production’s restructuring with Catalyst Capital offers sweeter terms for creditors but may struggle to find support among bondholders.