Reinoldo Poernbacher has taken over as new CEO of Brazilian paper manufacturer Klabin. Poernbacher replaces Miguel Sampol, who announced his resignation last week. Poernbacher currently serves as managing director of Klabin’s forestry business unit and the supply chain division, according to the company’s website. He joined Klabin in 1994 and has occupied a number of positions as director in the business units of the company.
Yearly Archives: 2008
Posted inDaily Brief
Lenders Grapple with CFE Loan
Mexican electric utility CFE has made little progress on a $2bn 3-year senior revolver it launched roughly a month ago to arrangers. So far, the facility, which pays 40bp over Libor, is heard to have secured $100m commitments from just two MLAs. One of those is SocGen, say bankers away from the process. Fees for $100m tickets are 30bp, and for $150m tickets, 35bp. “Not everyone in the market is happy with the pricing,” says a banker close to the syndication. Indeed, a thin margin is heard to be the main cause for slow going on the transaction, in addition to harsh market conditions that jacked up the cost of funds for many banks. “Pricing is the rub for CFE,” says a banker whose shop is considering participating. While CFE is offering to pay well over the 25bp above Libor it sought last year, the margin is still viewed by many as tight given market conditions. The tension is healthy for the market, whose participants seek fresh benchmarks. A banker on the CFE transaction says he believes the deal will get done, and has managed to secure several statements of intention to commit from other banks. BBVA, RBS, BNP and Santander are bookrunners, with Citi also participating in a senior role. MLA commitments are heard due next week, with retail participation due in two weeks. The high grade borrower may have to play the relationship card, especially since Vale is sucking $50bn in liquidity out of the market to support its purchase of Xstrata.
Posted inWeb Articles
LA-CIF Visa Information
The Latin America China Investors Forum Westin Beijing Chaoyang Beijing, China September 23-24, 2009 Visas All LA-CIF participants who are not Chinese nationals will be required to have a visa […]
Posted inDaily Brief
PDVSA Reported in Sincor Refi
PDVSA has agreed with a group of banks to refinance $1.4bn in debt from its Sincor heavy oil project, according to local news and wire reports. The debt has been transferred to a new vehicle, Petro Cedeno, of which PDVSA controls 60%, with France’s Total and Norway’s StatoilHydro as minority partners. Previously, Sincor had a total of $1.96bn in debt, according to the reports. The government took over Sincor in a 2007 nationalization drive.
Posted inDaily Brief
Bradesco Eyes International Expansion
Banco Bradesco BBI, the investment banking arm of Brazilian retail giant Bradesco, is planning to open an office this year in Dubai or Singapore to expand distribution. The bank already has a small broker dealer in London and seeks a similar presence in the Middle East or Asia. “We will probably have one. We are not sure that we need two,” the bank’s head of investment banking, Denise Moura, tells LatinFinance. Bradesco aims to compete with the increasingly aggressive foreign firms moving into Brazil by providing a one-stop shop for corporate wholesale clients. Its hefty BRL balance sheet is a significant asset since debt deals require firm guarantees, but most of the foreign houses boast more extensive international distribution. Bradesco was not impacted by the latest Brazilian post-bonus shuffle of talent, which saw significant defections from UBS to Merrill and Deutsche to Itau. “We didn’t lose anyone,” says Moura. Bradesco is hiring a senior banker from a US shop – its first non-Brazilian hire – in a transfer that should be announced soon. Bradesco boasts 14 M&A mandates and a similar pipeline for equity. “This year we are going forward,” says Moura.
Posted inDaily Brief
Morgan Steals Goldman Originator
Morgan Stanley has nabbed Mario Leao, a senior investment banking origination executive at Goldman in Brazil. He is expected to report to Daniel Goldberg, head of investment banking for Brazil at Morgan Stanley. The two shops have engaged in similar swaps in the past. Last August, they engaged in a high stakes, and likely costly trader swap. Goldman’s Igor Mansour, an FX and fixed income trader, defected to Morgan’s Sao Paulo office after being shipped down to Brazil from New York. In a seemingly retaliatory move, Morgan took Adriano Piccinin, naming him MD in charge of trading.
Posted inDaily Brief
UBS’s Esteves Rumored in Pactual Buyout
Andre Esteves, the head of fixed income at UBS and the chairman of its LatAm business, was apparently in talks with Jorge Paulo Lemann, a founder of GP Investments, to buy out Pactual’s investment banking unit, say executives within and outside the Sao Paulo-based firm. Esteves was apparently approached by former Pactual partners at UBS to help them take back the boutique sold to the Swiss bank for $2.5bn in December 2006. Already discontented with being employees of the global bank, a number of partners became incensed when they found out their year-end compensation might be delivered partially in stock – a stark change to the all cash bonus culture of Pactual, says an executive at the shop. In February, local paper Valor reported UBS had rejected a buyout offer from Esteves and Lemann, two of Brazil’s wealthiest businessmen, worth over $1bn each. “Andre Esteves is not in discussions with any party or parties concerning the possible acquisition of all or part of the businesses of UBS Latin America,” says a UBS spokeswoman. “Andre Esteves remains committed to the strategy of UBS Investment Bank and his leadership of the [fixed income, currencies and commodities] business.” The alleged Esteves pitch, which comes just months after the Brazilian executive was elevated to head the bank’s ailing fixed income division, appears to undermine the sense that the merger between Pactual and UBS is running smoothly. The defection of Alexandre Bettamio, former co-head of Brazil investment banking, last week to Merrill is another sign that relations are frayed.
Posted inDaily Brief
Moody’s Upgrades Ecuador to B3
Moody’s has upgraded Ecuador to B3 (stable) from Caa2. The action is supported by the easing of financial difficulties owing to high oil prices and low likelihood of a switch by the government in its policy of remaining current on its accounts to implement the social agenda. However, the agency sees dim prospects of further upgrades in the medium term, citing the elimination of the oil savings fund by the new fiscal framework. “This is an issue of concern for creditworthiness, particularly given Ecuador’s traditionally weak institutions,” Moody’s says. The agency also notes that Ecuador likely registered the lowest growth rate among global energy-producers last year, in part due to a contraction in investment amid policy uncertainty.
Posted inDaily Brief
JPMorgan Moves Treasury Unit to Sao Paulo
JPMorgan has relocated the headquarters of its treasury and security services unit for LatAm to Sao Paulo from New York. The move includes the relocation of unit head Mike McKenzie. The shop recently hired Leonardo Lima as head of treasury and securities services in Brazil and treasury services products for LatAm, and appointed Jose Antonio Serrano executive director and country head for Mexico. The treasury services unit offers payment, collection, liquidity and investment management, trade finance, logistics, commercial card and information solutions. “Other US and international banks manage Latin America from New York or Miami. We feel that it is extremely important for us to be in the region every day, closer to our clients and the markets,” says McKenzie.
Posted inDaily Brief
LatAm Flows Holding Up
LatAm equity funds remain resilient, despite global turmoil. EM equity lost money last week, but Brazil equity funds absorbed fresh money as investors sought hedges to offset dollar weakness, says EPFR Global. The commodities story softened the blow for LatAm equity, which saw only modest outflows. EM local currency bond funds also attracted cash, continuing trend towards domestic markets.