Peru’s Interbank, which is seeking to raise $200m in a recently restructured two-part facility, is launching to retail today with a bank meeting in New York. The facility, being led by Standard Chartered, includes a $100m trade facility at 80bp, 85bp and 95bp over Libor in years one, two and three, respectively, and a $100m working capital facility at 100bp, 110bp and 120bp over. The deal competes with Scotia Peru’s $200m 5-year amortizer via Citi, which bankers away from the process say pays 120bp over Libor. Both facilities are heard moving slowly with no clear signs of participation yet. That is because of challenging market conditions for lenders, claim bankers on the deal. “Interbank is gaining traction now,” says an executive close to the process. He adds Interbank may secure its first two MLAs this week.
Yearly Archives: 2008
CND Retires $119m Bonds
Dominican brewer Cerveceria Nacional Dominicana will buy back $118.7m in 8% of 2014 notes following the conclusion of a tender offer. CND had offered to buy back up to $130m of the issue, of which there was $205m outstanding. The repurchase is to be funded in the short term through a $100m credit facility from Standard Bank, who also acted as dealer manager. CND plans to swap the debt to pesos, using proceeds from an offering of up to DOP4.1bn ($130m) in the local markets arranged by Banco Leon, Banco BHD and Banco Popular. The local placement is pending regulatory approval and expected by the end of April.
Telemar Weighs BRL1.4bn in Debentures
Brazil’s Telemar Participacoes is seeking approval to sell BRL1.4bn in debentures. The issuance will be submitted for approval at a shareholder meeting April 8.
IDB Lends to Boost Chile’s Microfinance Reach
The IDB’s Multilateral Investment Fund has approved a $175m loan to Cooperativa de Servicios Financieros a la Microempresa (CSFM) and agreed to cooperate in the design of a financial services coverage system for suburban and rural entrepreneurs in Chile. The 3-year loan, renewable once for 3 more years, pays 300bp over 6-month Libor.
Banco General Group Files for Share Listing
Panama’s BG Financial Group, the holding company for Banco General, has requested authorization to register common shares on the local stock exchange. No date or schedule for an IPO was included. The group was formed last year through the merger of Grupo Financiero Continental with Banco General Financial, and its shareholders are Empresa General de Inversiones (61%) and Grupo Financiero Continental (39%).
Vene’s Banesco Seeks Capital in Local Market
Venezuelan retail banking giant Banesco has launched a public offer of 1.25bn in preferred stocks to the local market, offering a fixed 19.5% dividend rate for the first year. The retail deal, available through April 10, values each stock at VEB0.10, with a minimum purchase of VEB100 and a 3-year lock up period. The total value of the offering is $26.8m, approximately, calculated at the official VEB2.15 rate against the dollar. Although Banesco is offering the shares for sale at its retail locations, local operators Multiplicas and Econinvest are also acting as placement agents.
ICA Buys Yucatan Concession
Mexico’s Empresas ICA has acquired the Consorcio del Mayab highway concession in the Yucatan peninsula for MXP870m. It will also assume MXP2.1bn in debt associated with the project. Mayab operates the 242km Kantunil-Cancun highway running between Cancun and the state capital Merida. The 30-year concession on the toll road runs to 2020.
Cespa Acquires Colombian Oil Project
Spain’s Compania Espanola de Petroleos (Cepsa) has agreed to buy oil exploration and production rights to fields in central Colombia from owner and operator Hupecol Caracara, it said. The amount was not disclosed, but reports in local press and wire reports put the value at about $900m. Cepsa acquired 70% of the Caracara project, which contains 40m barrels, and will become its operator. A 30% stake in Caracara will remain owned by Colombia’s state-run Ecopetrol.
LatAm Equity, Bonds, Report Losses
LatAm equity funds lost 7.29% in the week ended March 20, according to Lipper. The performance was slightly better than China region’s funds, which dropped 7.76%, but worse than other EM, which lost 5.26% on average. Meanwhile in fixed income, EM bond funds dropped 0.20% in the same week, according to Lipper, far worse than the 2.32% rise on US Treasury funds and the 1.27% pickup seen by US government funds. International income funds lost 0.49%, while global income funds dropped 0.11%, says Lipper.
Mexico Could Cut Rates: Banamex
Higher inflation could lead Banxico to cut rates, says Banamex. Two preventive rate cuts of 25bp cut could come as soon as April and May, according to the shop. Mexico’s headline inflation could close at 3.5% in 2008, says Banamex, down from an earlier estimate of 3.8%. The Mexican bank also revised downward its 2008 Mexican GDP forecast to 2.2% from 2.9% amid further deterioration in the US.