South America

The US business of Brazilian meatpacker JBS continued to improve its liquidity position with its second bond issue in April on Tuesday. It reopened three existing bonds as part of a liability management exercise.

Chilean pulp and paper company Celulosa Arauco y Constitución is likely to perk up the Latin American bond markets this week as it weighs up the sale of new bonds to finance a tender offer.

Peruvian power transmission company Transmantaro beat pricing expectations on Thursday, as it clinched a $400m green bond that hit the sweet spot for duration, provenance and credit quality.

Investors in steel producer Companhia Siderúrgica Nacional appear to care far more about the company’s ability to push out $1bn of imminent debt maturities than pricing intricacies. The Brazilian issuer had a far better time in primary markets on Wednesday than on its last outing.

International bond investors have admitted to being impressed at the market’s capacity to absorb local currency paper after Peruvian conglomerate Alicorp sold the second global sol bond in the space of a week.

Bond investors appeared relieved after Brazilian steel producer Companhia Siderúrgica Nacional (CSN) raised $1bn of new bonds to refinance debt maturing in the next year.

Conglomerate Alicorp sold the second global nuevo sol bond to emerge from Peru in a week on Wednesday, copying the execution pattern that worked well for Telefónica del Perú last week and pricing inside its lower-rated compatriot.

A varied menu of at least three Latin American borrowers could try to issue bonds on Wednesday, as the region’s issuance continues to catch up with last year’s numbers.

USJ Açucar e Alcool, the Brazilian sugar and ethanol company, is giving bondholders an extra two weeks to receive the early bird price in a debt exchange that Fitch says is likely needed to avoid default.

Brazilian steel producer Companhia Siderúrgica Nacional (CSN) is hitting the road ahead of a proposed new issue, just a month after investors told GlobalCapital that an impressive rally in the company’s debt made it a strong candidate to tap bond markets.

Consorcio Transmantaro, the Peruvian power transmission company, could be the next Latin American corporate to tap dollar markets after mandating for a green bond that Moody’s says is not quite fully green.

No sooner had the dust settled on the first global nuevo sol bond sale from a non-financial corporate in 14 years than a second Peruvian company announced its plans to do the same, leaving DCM bankers curious to discover the depth of the local currency market.