South America

Uruguay sent a sign that broad volatility in emerging markets would not put Latin American sovereigns off the new issue market with a $1.7bn amortising 12 year deal that it will use to buy back old bonds.

Peru looked set to test the euro market for the first time in more than a decade after announcing plans for an extensive European roadshow.

Peru will meet investors in Europe next week ahead of a potential return to the euro bond market for the first time in more than a decade.

Fitch has downgraded a series of project bonds issued by Odebrecht’s oil and gas subsidiary for the fifth time this year following the early termination of an oil rig contract by Petrobras.

Uruguay finance minister, Danilo Astori has told GlobalCapital that the country will mandate banks for a global bond in the coming days, with at least three Latin American governments preparing to raise international debt before the year is out.

Banco ABC Brasil this week became the fourth Brazilian lender and the sixth issuer from the country in a month to launch a tender offer for existing debt as low dollar prices make bond buybacks attractive.

Peru’s ability to decouple itself from troubles in emerging markets should safeguard its standing in global debt markets as it becomes a more frequent issuer, said the country’s bond head.

Two Brazilian lenders have concluded buybacks of subordinated notes, with Banco Votorantim easily passing its target and Banco BMG getting close.

Banco ABC Brasil has become the fourth Brazilian lender and sixth Brazilian issuer to launch a tender offer for existing debt in the last month as low dollar prices make bond buybacks attractive.

With the world’s top financiers and policy makers ready to descend on Lima for the annual meetings of the IMF and World Bank this week, Peruvian finance minister Alonso Segura has said that the South American sovereign is likely to issue more frequently in international bond markets.

Brazilian meatpacker Marfrig Global Foods has hired Braskem’s popular head of investor relations to lead its investor relations and strategic planning departments.

Five Brazilian borrowers have tender offers underway on dollar bonds as those issuers with the cash to spare are taking advantage of rapid drops in secondary market prices.