The M&A market shows no sign of letting up this year, with activity remaining at levels close to 2011. A wave of consolidation is taking place in Brazil and elsewhere, […]
Yearly Archives: 2012
Posted inMagazine
Parting Shot: Mohamed El-Erian
Investors must become more discerning if they are to navigate the next stage in the emerging market growth cycle — and still make a return
Posted inMagazine
People: Bancomer reshuffles
BBVA has promoted BBVA Bancomer chairman and chief executive Ignacio Deschamps to be head of a newly created division, Banca Retail, overseeing retail banking at a global level as well as the […]
Posted inMagazine
Sovereign wealth funds: Gearing up
The hope is that large strategic investors such as sovereign wealth funds will become an integral part of Latin America’s financial landscape. The reality, however, is more complex
Posted inMagazine
Spanish banks: A rock and a hard place
Spanish banks on paper remain firmly committed to their Latin businesses – their best hope for future profits. But further troubles at home could yet force them into a radical downsizing
Posted inMagazine
Trade finance: Troubled waters
The eurozone crisis and a tightening regulatory screw have intensified a mismatch between emerging trade flows and the provision of trade finance. Latin American companies and
Posted inMagazine
Venezuela: The truth below
No matter the outcome of October’s elections, Venezuela’s next leader will face growing pressure for private capital to boost the oil sector
Posted inDaily Brief
Moody’s Rates BCI Notes
Banco de Credito e Inversiones’ (BCI) proposed 2017 global fixed rate senior notes have been rated A1 by Moody’s, with a stable outlook. The ratings agency says the A1 foreign currency senior unsecured debt rating takes into account the Chilean bank’s local currency rating and the notes’ seniority, as well as the bank’s own support structure.
Posted inDaily Brief
Pacific Rubiales Upsizes Facility
Colombian oil producer Pacific Rubiales has upsized its $600m revolving credit facility to $700m. Participation includes 23 banks, including Colombian and foreign institutions. The deal is expected to close in the first half of September, according to a source familiar with its plans. The facility consisted of a $400m dollar tranche and a $200m-equivalent peso tranche, which has been increased to $300m-equivalent. The new facility replaces an existing $350m revolver. Funds will be used to help the company maintain liquidity to cover any short-term funding needs. Bank of America Merrill Lynch and Corficolombiana are managing.
Posted inDaily Brief
Promigas Plots Issue
Colombian natural gas transport company Promigas is looking to issue approximately COP1trn ($548m) in local and international markets as soon as the end of September, according to sources familiar with its plans. Two separate structures are being put in place – a trio of domestic bond issues and, in parallel, a 144a/RegS issue. Local issuance could occur via subsidiaries Surtigas and Gases de Occidente – Surtidora de Gas del Caribe’s filing for up to COP200bn to issue bonds of 2-20 years maturity is part of that potential package. Promigas would target 10-plus years in local markets and a maximum of 10 years in international markets. Corficolombiana is expected to lead the deal, rated AAA on a national scale. Promigas is hoping for a second investment grade rating before issuing. In May, its CFO Aquiles Mercado Gonzalez told LatinFinance Colombia’s second-largest gas pipeline operator was in dialogue with banks for a possible international deal this year. He highlighted peer Transportadora de Gas Internacional’s (TGI) $750m 10NC5 bond success in March as a reference point for his company. TGI saw $5bn in orders before pricing the 2022s at par with a 5.70% coupon to yield UST+342.6bp. Promigas sold bonds in the domestic market in August 2009, raising COP400bn at various maturities, via Bancolombia.