The DR-CAFTA trade agreement with the US has been in effect in some parts of Central America for almost a year, and already the region’s future looks brighter.
Category: Bonds
Posted inMagazine
Making the IDB Matter
As capital markets continue to flourish, the role of development banks is called into question. The IDB’s president is focused on modernization.
Posted inDaily Brief
Bladex Launches Bank Financing
Bladex, the supranational bank specialized in foreign trade in Latin America, is out with a $150 million five-year revolver through BBVA and UniCredit. The investment-grade syndicated loan pays a 37.5bp margin and proceeds are for trade and working capital. Commitments are due mid-February, with closing at the end of that month.
Posted inDaily Brief
CAF Adds Liquidity To 2017 Bond
Corporación Andina de Fomento (CAF) has reopened its 5.75% of 2017 bond for $250 million to take the total size to $500 million. The price was 99.503 to yield 4.796%, or 102bp over US Treasuries. It was rated A1/A/A+. Merrill Lynch was the sole lead on the tap of the bond that was first issued in September 2006. The deal, due January 12, 2007, is the first of the year from CAF, which continues a program of diversifying its funding and reducing cost.
Posted inDaily Brief
Cemig Plans Debentures
Brazilian electricity company Companhia Energética de Minas Gerais (Cemig) is to issue up to $462 million-worth (993 million reais) of debentures, the company said in a note to CVM, the Brazilian securities commission. The local debt securities will be issued via Cemig Geração e Transmissão, the company’s generating and transmission unit, in two tranches of 489 million reais and the 504 million reais. Unibanco will coordinate. No date was given in the filing.
Posted inMagazine
Financial Institution Bond
Financial Institution Bond Market Builder Banco do Brasil’s $500 million perpetual was the first Brazilian issue to comply with Tier 2 hybrid capital requirements. It got a Basket B assignment […]
Posted inDaily Brief
IDB Remains Region’s Primary Source Of Multilateral Lending
The Inter-American Development Bank (IDB) was the primary source of multilateral lending for Latin America and the Caribbean in 2006, according to the Bank’s end-of-year summary statement. President Luis Alberto Moreno said the Bank approved 112 projects during the course of the year for close to $6.4 billion and made almost $6.5 billion in disbursements, 18% more than last year. Approvals included 76 loans for public-sector investment projects, totaling close to $3.6 billion, 17 policy-based loans for close to $1.8 billion and 19 operations without sovereign guarantees for $904 million, said the Bank. Looking to the future, Moreno stressed the need for the Bank to adapt and change to remain relevant and “make a difference in the long term”.
Posted inDaily Brief
IDB Approves $80 Million Revolving Credit For Securitizadora Security GMAC-RFC
The Inter-American Development Bank (IDB) has approved up to $80 million for a revolving mortgage-backed credit facility for Securitizadora Security GMAC-RFC, a Chilean securitization company specialized in the securitization of residential mortgages and housing leasing contracts in the mid-to-low income segment. “The facility will help to further develop the mortgage market in Chile by increasing the availability of housing finance, in particular for housing units for the mid-to-low income segment; expanding the securitization market; and helping to meet increasing demand for long-term fixed income securities from local institutional investors”, said Edson Mori, IDB project team leader.
Posted inDaily Brief
Venezuela To Buy Back $800 Million Dollar Bonds
Venezuela is to buy back a further $800 million in dollar bonds in its drive to reduce the country’s foreign debt burden. The proposed buyback by the government was approved by the National Assembly Tuesday, which assigned 1.8 trillion bolivares to paying down external public debt. No details have been offered as to the timing of the buyback or the bonds to be bought. Earlier this year, Venezuela spent $3.4 billion buying back Brady bonds as part of its strategy to cut external debt.
Posted inDaily Brief
IDB Signs $30 Million Loan To BBVA Banco Continental
The Inter-American Development Bank (IDB) has signed a $30 million subordinated loan to BBVA Banco Continental, in Peru. The loan constitutes the second component of a long-term financing facility by the IDB for Banco Continental to provide comprehensive support for mortgage origination and asset growth. The first portion, a $100 million senior A/B loan was signed December 8.