Mexico’s IAMSA has put off a MXP3.5bn ($268m) securitization that had been scheduled to price today in the domestic market. “The bus operator decided to postpone as pricing expectations were not met,” says a person familiar with the transaction. IAMSA was looking to price in the Mbonos+390bp-area spread range for the 15-year bond. The new timing is unclear. Santander is managing the sale, rated AAA/AA minus on a national scale.
Category: Bonds
Posted inDaily Brief
CCR Unit Plans Local Bond
Concessionaria Rodovia Presidente Dutra (NovaDutra) is planning to raise BRL350m ($172m) in domestic bonds, it says. The road operator and unit of Companhia de Concessoes Rodoviarias (CCR) plans a 2015 debenture paying up to 105.8% of the DI. It is raising funds to repay short-term debt. Banco do Brasil and BTG Pactual are managing. NovaDutra is rated Baa3 on a national scale.
Posted inDaily Brief
Posadas Launches Cash Tender
Grupo Posadas has launched a cash tender offer targeting its $200m outstanding in 9.250% 2015 bonds, it says. In the tender expiring November 29, the Mexican hotel operator is offering holders $1,045 per $1,000 principal before a November 14 early deadline, and $1,015 after. Bank of America Merrill Lynch and JPMorgan are managing the tender. Fitch recently upgraded the credit rating of Grupo Posadas to B from B minus, in a move it says is driven by the successful divestiture of Posadas’ South American hotel operations for $275m, as well as expectations that leverage will remain stable after using the proceeds to reduce the company’s indebtedness.
Posted inDaily Brief
Sabesp to Access Bond Market
Sao Paulo water utility Sabesp is planning to raise BRL500m ($246m) in Brazil’s domestic bond market, it says. The 2015 debentures would pay the DI+0.30% during the first six months and step up incrementally every six months to a final DI+0.70% rate. The proceeds would be used to repay existing debt. Banco do Brasil and Bradesco are managing the sale, done under the rule 476 restricted format.
Posted inMagazine
Argentina Best Bank: Banco Santander Río
The Argentine government doesn¹t make it easy for banks. Although they mostly remain in good shape, a slowing economy has thrown up yet another challenge for the country¹s financial institutions. […]
Posted inMagazine
Guatemala Best Bank: Banco de Desarollo Rural (Banrural)
Mergers in the past decade have seen Guatemala¹s banking system come to be dominated by its two largest banks, Banco Industrial and Banco G&T Continental. Against this backdrop however, well […]
Posted inMagazine
Asia-Latin America: Red herring?
Latin America’s trade with China is booming. Yet the relationship between the two regions is a work in progress – as are moves to raise debt in renminbi
Posted inMagazine
Jamaica Best Bank: National Commercial Bank
Jamaica¹s economic woes have not made life easy for its banks and conditions are not expected to improve soon. After struggling through a prolonged recession, last year Jamaica¹s real […]
Posted inMagazine
Bank of the Year & Best Bank Brazil: Bradesco
With the environment for Brazil’s big banks getting ever trickier, Bradesco’s diversification and defensive nature leave it well placed to deal with government meddling and lower profitability
Posted inMagazine
Latin banking: Strength in numbers
In the wake of a landmark investor survey of Latin America’s banking sector, LatinFinance takes stock of a range of views of investment professionals weighing up the merits of a fast evolving industry