South America

Marfrig Global Foods, the Brazilian beef producer, has stirred up the green finance market by issuing a $500m ‘sustainable transition bond’. To some, it is a template for a new asset class that can help finance the global economy’s shift to lower carbon emissions. To others, it is a shocking case of greenwashing. By Oliver West and Jon Hay.

Brazilian conglomerate Cosan will repurchase around 60% of its 2024s after wrapping up the early-bird stage of a tender offer.

Brazilian meatpacker Marfrig on Tuesday sold $500m of bonds that will be used to fund cattle purchases that meet its environmental and sustainable criteria.

Brazilian meatpacker Marfrig is looking to fund cattle purchases that meet its environmental and sustainability criteria through a debt sale that the company is describing as a “sustainable transition” bond.

Compañía General de Combustibles (CGC), the Argentine oil and gas exploration and production company, will receive a rating upgrade from Standard & Poor’s if it is able to refinance a $300m 2021 note with a new bond.

Three Latin America companies sold new bonds to buy back old ones this week as investor appetite shows no sign of letting up.

Santander Corporate & Investment Banking (SCIB), Banco Santander’s investment banking unit, has appointed Marcel Patiño from Itaú BBA as its new head of Santander SCIB Colombia.

Peruvian holding company Intercorp Peru issued more debt than initially intended on Wednesday after notching a heavily oversubscribed order book in its first international trade since 2015.

Brazilian conglomerate Cosan returned to bond markets on Wednesday with a $750m 10 year non-call five year trade that bankers on the deal said landed close to fair value.

Colombian airline Avianca will use a par exchange to attempt to tackle a $550m May 2020 bond maturity, offering noteholders collateral and potential for a coupon increase — if the company is able to renegotiate certain loans.

Brazilian airline Gol reopened its convertible bonds for a further $80m last week, taking advantage of a strong performance of its existing bonds and stock to achieve pricing that the CFO described as “fantastic” and leave the company in a position to continue its liability management.

Latin American borrowers continue to make up for lost time amid encouraging issuance conditions as debt capital markets bankers say a few more could sneak through to primary markets before the August break.