South American magazine back issues (5)
I believe the answer is:
emits
'issues' is the definition.
(I've seen this in another clue)
'south american magazine back' is the wordplay.
'south' becomes 's' (abbreviation).
'american magazine' becomes 'Time' (Time is a US magazine).
'back' says the letters should be written backwards.
's'+'time'='stime'
'stime' backwards is 'EMITS'.
(Other definitions for emits that I've seen before include "Gives off, discharges" , "releases" , "Smite (anag)" .)