South America

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.

UBS has hired an experienced DCM banker from a bulge bracket house to lead its Latin American bond efforts as the Swiss bank enjoys its highest league table position in the region for nearly a decade.

Brazilian low cost airline Gol has finally ceded ground to bondholders in its debt restructuring negotiations, sweetening their incentives to participate in a deal.

Fitch gave Brazilian telco Oi yet another downgrade on Friday after the company, which has nearly $15bn of debt, revealed that it had not responded to a restructuring proposal from bondholders.

More than three quarters of Brazilian industrial conglomerate Cosan’s bondholders agreed to sell their bonds in the early bird phase of a tender offer.

Argentine province Salta paused bond plans this week because of Brexit uncertainty. Don’t expect it to wait long though: overall, global market pain is Argentina’s gain.

The UK’s possible exit from the European Union is not the only factor to blame for two Latin American borrowers deciding to wait to issue bonds this week, said bankers covering the region.