Our Man at the IDB Colombia’s ambassador to Washington, Luis Alberto Moreno, won a decisive election victory to take over as president of the Inter-American Development Bank. He soundly beat […]
Category: Bonds
Posted inMagazine
Credit Where Credit Is Due
CAF stands to wow investors with improving financial results, its first Samurai bond issue in four years and now Italy seeking to become a member.
Posted inDaily Brief
CAF Approves Loans
The Andean Development Corporation (CAF) has approved a $180 million loan to Bolivia to finance the construction of a highway connecting Bolivia and Brazil. CAF also approved $72 million to finance an upgrade of the Caracas metro system.
Posted inDaily Brief
Ecuador Gets Loan
The Andean Development Corporation (CAF) is set to announce a $126 million loan to Ecuador to improve the country’s road network and support the government’s economic program. Ecuador’s newly appointed Economy Minister Magdalena Barreiro is in CAF’s Caracas headquarters today to sign the agreement.
Posted inDaily Brief
Bush Signs CAFTA
US President George W. Bush signed legislation Tuesday to implement the Central American Free Trade Agreement (CAFTA), capping a 19-month effort by his administration to end most tariffs on the $33 billion in goods traded between the US and Costa Rica, the Dominican Republic, El Salvador, Guatemala, Honduras, and Nicaragua. Legislatures in El Salvador, Guatemala and Honduras have already passed CAFTA, while it is still being debated in Costa Rica, the Dominican Republic and Nicaragua.
Posted inDaily Brief
CAFTA Passes
The controversial Central American Free Trade Agreement (CAFTA) passed the US House of Representatives early Thursday morning in an extremely close vote of 217-215. The FTA has already passed in the Senate and now moves to the desk of President George W Bush, who has promised to sign it. The bill, which will lower trade barriers between the US, Costa Rica, El Salvador, Guatemala, Honduras, Nicaragua and the Dominican Republic faced ferocious opposition from the powerful sugar and textile industries and passed with few Democratic votes. Bush argued the FTA would strengthen the economies and governments of Central America and the Dominican Republic, thereby improving the national security of the United States.
Posted inDaily Brief
Brazil Sells Bonds
Brazil sold $800 million of fixed-rate bonds, known as LTNs, in an auction Tuesday. Yields on benchmark eight-month fixed-rate bills jumped to 18.94 from 18.66 percent last week. Brazil’s currency, foreign bonds and stocks have tumbled over the past four days amid speculation that corruption allegations have hurt President Luiz Inacio Lula da Silva´s chances in next year´s presidential election.
Posted inDaily Brief
CAF Backs Infrastructure in Colombia
The Andean Development Corp. says it will lend Colombia $150 million to partially finance the government’s Regional Highway and Infrastructure Development Plan this year. CAF, a development agency owned by five Andean countries, plans to lend Colombia $900 million this year.
Posted inDaily Brief
Google Buys Akwan
Internet search engine giant Google acquired Akwan Information Technologies, based in Brazil´s southeastern of Minas Gerias. Akwan will now be Google´s research and development center in Latin America. Google has similar centers in Tokyo, Zurich, Bangalore, New York and Mountain View, California.
Posted inDaily Brief
Pemex’s Bonds Rise
Bonds of Petroleos Mexicanos, Mexico’s state oil monopoly, rose after Congress approved legislation cutting the company’s taxes. The reduction takes effect January 1 and may reduce Pemex’s tax burden by as much as $2.3 billion in 2006, according to Finance Ministry estimates. Pemex paid about $42 billion in taxes last year, or 61 percent of revenue. The yield on Pemex’s dollar-denominated bond due in 2035 fell to 6.81 percent, the lowest level since June 8 while its price rose .75 cents on the dollar to 97.65. Pemex will add about $2.5 billion in new debt this year to keep up with its $12 billion investment plan.