South America

Argentine corporate Arcor sold what some bankers described as the star deal of the day on a busy Wednesday in the Lat Am new issue market. Both the confectionary company and fellow Argentine borrower Salta raised $350m of seven year money.

Refinancing risk for non-financial corporate bonds remains “high”, said Fitch on Tuesday, pointing out that more than $30bn of Latin American non-financial corporate bonds will mature in the next 18 months.

Brazilian state owned lender Banco do Brasil will buy back 12.5% of its 9.25% perpetual bonds after a tender offer was oversubscribed during the early bird phase.

Argentina’s confectionary maker Arcor is tomorrow meeting investors in the US and London to market a $300m offering, the only active high yield deal that European investors can consider in the week after the UK's Brexit vote.

Brexit is here, and so is our round-up! This week: Fullgoal Asset Management launches its first RMB ETF in Europe, the Hong Kong Exchange runs further Shenzhen Connect testing, and China announces direct trading of the RMB against the Korean won. Plus, a recap of our coverage this week.

Several Latin American borrowers are lining up bond roadshows, undeterred by the UK’s vote to stay or leave the European Union, to add to the six names already in the visible pipeline.

Brazilian telecoms giant Oi filed for bankruptcy this week, after the company refused to meet bondholders’ demands for a restructuring that would have seen creditors take a 95% share of the company.

Canadian-Colombian oil company Pacific Exploration & Production has raised $500m of debtor-in-possession (DIP) financing from certain existing bondholders and private equity firm Catalyst Capital as it looks to wrap up a restructuring of its debt, including $4bn of bonds.

Canadian-Colombian oil company Pacific Exploration & Production has raised $500m of debtor-in-possession financing from certain existing bondholders and private equity firm Catalyst Capital as it looks to wrap up a restructuring of its debt — including $4bn of bonds.

Argentine confectionary group Arcor is looking to buy back all its existing dollar bonds ahead of a return to international capital markets scheduled for shortly after the Brexit referendum.

Emerging market credit has ridden the uncertainties of the UK’s European referendum this week and made considerable gains on Monday and Tuesday as support for Remain edged ahead in polls.

Argentine confectionary group Arcor, the best rated issuer in Argentina, is likely to announce a bond imminently, after it mandated a trio of banks to run a benchmark dollar issue.