Developer Eyes Debt, Brazil Reviving

MRV Engenharia e Partipacoes plans to raise up to BRL200m in promissory notes and debentures, it says. The Brazilian real estate company is preparing BRL100m in 90-day promissory notes paying DI plus 3.7% and BRL100m in 2011 bonds paying the same. The company does not provide further information regarding the sale, which must be approved by shareholders April 8. After months of sparse flow, Brazil’s domestic bond market appears to be headed for a resurgence. Telemar started Tuesday a roadshow in support of its BRL3bn in 2011 and 2012 bonds, paying 15bp and 20bp over DI, respectively. The issuer looks to wrap up the sale through Itau and Bradesco by April 15. Also, Tractebel plans to sell up to BRL300m in 360-day promissory notes and BRL600m in 2011 debentures, both at 125% of the DI. The Votorantim Financas unit of Brazil’s Grupo Votorantim, however, has cancelled plans it made late last year to sell BRL500m in local bonds. The firm did not provide a reason.