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Published on 11/19/2015 in the Prospect News High Yield Daily and Prospect News Investment Grade Daily.

Primary sees deals from Powerlong, Pemex; Samarco bonds mixed; Petrobras may get debt help

By Christine Van Dusen

Atlanta, Nov. 19 – China’s Powerlong Real Estate Holdings Ltd. and Mexico’s Petroleos Mexicanos SAB de CV sold notes on Thursday as trading of Latin American bonds were mixed.

Meanwhile, Brazil’s Samarco Mineracao SA – a mining company owned by BHP Billiton Ltd. and Vale SA – remained in the news on Thursday, as two more of its dams looked to be at risk of collapse. About two weeks ago, the Fundao dam broke open, killing at least 11 people as it released billions of gallons of mud.

“Opinions on the future of the company and bonds are mixed,” a trader said. “On the one hand, Vale and BHP support is a positive. On the other, the cost of compensating and cleaning the victims and their property is already piling up and should go well beyond current balance sheet liquidity and available insurance, even before we consider the future viability of the business as a non-integrated pelletizer.”

And Brazil-based Petroleo Brasileiro SA rallied in the afternoon on the news that the government is looking at a debt plan that would boost the debt-saddled company’s capital, a New York-based trader said.

The debt plan could include some debt issuance, he said.


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