Guatemala’s Banco Industrial was expected to price late last week a 2068 hybrid issue to provide it with Tier-1 capital. The exact amount of the Ba3/B+ rated issue was not specified. Guidance had been given at 9%-10% for the fixed portion of the securities, which after 2018 switch to a rate floating above Libor. Credit Suisse is managing the transaction.
Yearly Archives: 2008
Posted inDaily Brief
Deutsche’s Blanco to Co-Head LatAm from BA
Deutsche Bank has named Marcelo Blanco chief country officer for Argentina, and co-head of LatAm capital markets and institutional sales. Blanco, in charge of LatAm debt and equity capital markets, will move to Argentina and will share co-head duties with David Hinsley, formerly responsible for EM structured liability origination. Hinsley will also be responsible for derivatives and structured products marketing for LatAm corporates and financial institutions. Blanco, who is Argentine, will report to Seth Waugh, CEO of Deutsche Bank Americas, and Dalinc Ariburnu, global head of EM. Blanco succeeds Luis Caputo, who retired from the bank after 11 years.
Posted inDaily Brief
Sare CFO Baz Returns
Alberto Baz has returned as CFO of Sare Holding has after a one-year leave of absence, the Mexican homebuilder said. Baz, who previously served as CFO for five years, will resume his duties May 1. Fernando Solis, who served as interim CFO during Baz’s personal leave of absence, will lead the Sare’s new institutional relations department.
Posted inDaily Brief
Perdigao’s President to Step Down
Nildemar Secches will step down as president of Brazilian food giant Perdigao at the end of October, the company announced. Jose Antonio Fay, currently general director of the Negocio Perdigao division will succeed him. Secches will continue as president of the board of administrators, position that he has held since last year.
Posted inDaily Brief
Mexico State Loans Upgraded
Moody’s upgraded eight of the State of Mexico’s outstanding loans to Aa2 from Aa3 on a national scale. The agency also assigned Aa1 national-scale ratings to ten new loans to be included in the state’s loan trust. The action comes as the state is wrapping up a MXP27bn debt refinance. The amortizing deal in 20, 25 and 30-year tranches, with roughly a third of the amount in each, has an average duration of 12.5 years and a weighted average spread is 48bp over 28-day TIIE. For the first time, government development bank Banobras provided a first loss guarantee, for 27% of the deal. The final phase of the transaction is expected to close May 2 and involves long-term swaps of floating to fixed rate MXP.
Posted inDaily Brief
Brazil’s Even Gets Itau Credit
Real estate developer Even Construtora e Incorporadora has obtained a BRL475m 5.5-year credit line from Banco Itau. The Brazilian shop that raised BRL460 in an IPO last year plans to use the funds to acquire land and for project construction.
Posted inDaily Brief
Cruzeiro Do Sul to Close Books Today
Brazil’s Banco Cruzeiro do Sul is set to close books on its $100m 7.5% 2010 bond sale today. The bank is following up a similar dollar offering in February to strengthen its lending portfolio using short-term dollar debt while long-term funds continue to be tricky. UBS and BCP are managing the transaction.
Posted inDaily Brief
Cemex Places Local Bonds
Cemex priced MXP1bn in 2010 floating-rate bonds, at TIIE plus 36bp, in line with guidance. The Mexican building materials provider had filed to sell 2018 fixed-rate notes at the same time but ended up not following through with that portion, citing weak market appetite for the notes. The AA+ transaction was 1.2x oversubscribed, with pension funds, insurance companies and other institutional investors composing the book. Cemex plans to repay short-term debt with the proceeds. Santander and ING managed the sale.
Posted inDaily Brief
Peru Sells $216m in Sol Bonds
Peru placed PES600m ($216m) in sol-denominated 6.95% 2031 sovereign bonds on the local market. The ministry had originally targeted PES400m, but raised the offer on demand that reached PES1.357bn, the finance ministry said. The transaction follows a PES273m sale in March, as Peru focuses on liability management and repaying expensive foreign debt.
Posted inDaily Brief
Marubeni Pays $1.3bn for Chilean Mine Stakes
Japanese conglomerate Marubeni has agreed to buy two 30% stakes in Chilean mine units from Antofagasta for $1.31bn. The Minera Esperanza unit holds the Esperanza and Telegrafo deposits and the Minera El Tesoro holds the El Tesoro mine and Tesoro Northeast deposits. Marubeni will also provide its share of the $1.9bn expected investment to develop the Esperanza project. Both units are located in the Sierra Gorda district of northern Chile. In a separate transaction contingent on the Marubeni deal, Antofagasta will buy out for $240m partner Mineralinvest Establishment in neighboring properties necessary for the development of Esperanza. Rothschild and Sullivan & Cromwell are advising Antofagasta on the Marubeni transaction.