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.
Category: 2011 January / February
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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.
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BEST PRIMARY EQUITY ISSUE
Investors could be forgiven for forgetting that Mexico had an equity market, or at least one with new issuers.
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COMMENT: Year of the Panda
China Investment Corporation’s involvement in a consortium buying part of Brazil-based BTG Pactual marks a shift into financial assets for China.