Brazilian electric company Energisa has registered to sell BRL150m in 2014 debentures. The bonds will pay 110bp over DI. Citi is managing the sale, which awaits regulatory approval.
Yearly Archives: 2008
Posted inDaily Brief
Brazil’s ALL to Launch Share Buyback
The board of America Latina Logistica has approved a 1-year share buyback program of up to 5m outstanding shares. The Brazilian logistics company has 343.3m shares outstanding. Shares closed Monday at BRL17.00.
Posted inDaily Brief
Marfrig Buys Two Poultry Producers
Brazilian meatpacker Marfrig has entered the poultry business, acquiring producers DaGranja and Pena Branca in separate transactions totaling $110m. Marfrig agreed to pay $58m for DaGranja, and $53m for Pena Branca. Marfrig will be one of the five largest poultry producers in Brazil, says Itau, adding the move “makes perfect sense,” based on reduction in sanitary risk, leveraging of the distribution chain, and reduction in the risk of commercial barriers.”
Posted inDaily Brief
Argentina Wants LNG
A joint venture between Argentina’s Enarsa and Petroleos de Venezuela is soliciting letters of interest to build LNG regasification plants in Argentina. The two state-run firms will accept statements of interest until Tuesday. The solicitation comes as Argentina faces gas shortages. Meanwhile, a 2002 utility rate freeze has discouraged investment in the country’s gas sector. Plans for an LNG facility would rival those of Petrobras, which has expressed interest in the past in building a terminal in Uruguay to pipe gas into Argentina.
Posted inDaily Brief
Chadbourne Buys Thatcher Team
Five attorneys with experience across LatAm will join law firm Chadbourne & Parke as partners in New York and Mexico City. Marc Rossell, Oliver Armas, Boris Otto, Luis Enrique Graham and Jose Antonio Chavez are moving over from Thatcher Proffitt & Wood. Chadbourne plans to open an office in Mexico City, the firm’s first office in LatAm. “We are considering opening an office in Brazil but there is nothing definitive,” Blum adds.
Posted inDaily Brief
Deutsche Names Conroy to Head Trade Finance
Deutsche Bank has appointed David Conroy Americas head of trade finance and cash management corporates for its global transaction banking (GTB) business area. GTB encompasses Deutsche Bank’s cash management, trade finance, capital market sales, and trust and securities services. Based in New York, Conroy will report to Marilyn Spearing, global head of trade finance and cash management corporates. Conroy was previously with Citibank Global Transaction Services. Prior to that, he was in transaction banking at Standard Chartered and JPMorgan. “The Americas is an important pillar of our global approach and we are committed to making the necessary investment of financial and human capital to continue our success in this region,” says Spearing.
Posted inDaily Brief
LatAm Equity Sinks
LatAm equity funds lost 5.70% in the week ended March 6, according to Lipper. The drop was less severe than that of China Region funds, which lost 6.81%. EM Equity funds fell 4.96% in the same period. LatAm underperformed the World Equity funds group, which, as a whole, had an average loss of 3.97%. Only two fund groups registered positive returns last week, according to Lipper. US Dedicated Short Bias funds rose 6.79%, while Gold Oriented funds climbed 0.52%.
Posted inDaily Brief
Peru Pays Down Brady Debt
Peru followed through with plans to pay down $838m worth of Brady debt Friday. The sovereign eliminated its outstanding amounts FLIRBs, PDIs and Discount bonds, Jose Miguel Ugarte, head of public credit, tells LatinFinance. Peru used $685m worth of proceeds from peso-denominated sovereign issuances at the end of last year to pay down the notes at par. It also used $153m from the Treasury to pay the balance, says Ugarte. The process eliminates virtually all of Peru’s Brady debt. The country still has about $50m in Par bonds that are trading at 85, which it chose not to call. Having received news of the plans to pay down the debt earlier this year, markets didn’t react to the move Friday, says one Andean strategist. The strategist notes that in general, however, the move is a welcome development that is part of Peru’s overall positive story.
Posted inDaily Brief
Banorte Prices MXP3.6bn in Bonds
Mexico’s Banorte priced Friday MXP3.6bn in 10- and 20-year bonds. A MXP3bn 2018 peso tranche priced at 60bp over 28-day TIIE, and a MXP630m 2028 UDI-denominated tranche priced at 4.95%. Proceeds are being used to bolster the issuer’s capital base, according to the regulatory filing. Banorte’s DCM desk ran the books for the deal.
Posted inDaily Brief
Vene Utility Launches Debt Repurchase
Venezuela’s Electricidad de Caracas has offered to buy back any and all of its $260m in outstanding 10.25% 2014 bonds. In an offer expiring April 8, it will pay $1,051 per $1,000, plus and additional $20 per $1,000 for notes tendered before March 24. ABN AMRO is dealer manager.