América Móvil (AMX) is a frequent star of LatAm issuance, beloved by investors despite its razor thin spread and feared by bankers for its rigorous execution standards.
Category: 2011 January / February
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COVER STORY: Local Currency Fixed Income Goes Global
Demand for local currency fixed income is back, tracking
appreciating LatAm currencies and flaring rates differentials. Structural shifts support the trend, but can it last?
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BEST CORPORATE BOND
Southern Copper Corporation (SCC) saw jumbo demand for a $1.5 billion April 2010 issue of new 10 and 30-year bonds, which were tightly priced but still traded up.
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Grupo Mexico: Running on Cashflow
Aggressive in expansion, conservative with financing, Grupo México aims to double copper output in the next five years. Its CFO does not expect fresh fundraising.
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BEST SYNDICATED LOAN
At a time when the syndicated loan market was still thawing from a deep, crisis-driven freeze, Americas Mining Corporation (AMC), a wholly-owned subsidiary of Grupo México, provided an encouraging sign.
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Televisa Builds a Moat
Televisa’s partnership with Nextel may be off the table. But the Mexican media conglomerate is still expected to pursue mobile to unlock value in its content.
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BEST CORPORATE LIABILITY MANAGEMENT
After suffering derivative losses in the 2008-2009 crisis, Brazil’s Aracruz Celulose was purchased by Votorantim Celulose e Papel.
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Uruguay to Reform Local Markets
Uruguay hopes to invigorate local capital markets with new legislation. The country’s vice president says public companies may soon list minority stakes locally.
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BEST LOCAL CURRENCY FINANCING
Colombia paved the way for LatAm issuers in April with an $800 million 2021 equivalent global TES bond. It braved the market to issue the first global local currency deal from LatAm since 2007, according to Dealogic.
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LatAm Syndicated Loans Outlook
Rekindling Loans
International banks are eager to re-enter the LatAm bank market. But cost of funds, spread compression and better DCM terms will keep a lid on volume.