In the year through April 15, a total of 441 M&A deals have taken place in LatAm, up from 415 during the same period in 2010, according to Dealogic. However, […]
Category: Corporate & Sovereign Strategy
Posted inMagazine
The Arches Turn Golden
With so many IPOs failing to attract the large foreign demand seen in 2006-2007, the $1.25 billion New York debut of Arcos Dorados gave ECM a shot in the arm. […]
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Agnelli Ousted
Vale’s controlling shareholders named Murilo Ferreira to replace Roger Agnelli as CEO when Agnelli’s term expires in May. Valepar, the controlling shareholder of the Brazilian miner, had indicated it would […]
Posted inMagazine
Brazilians Still Lead the Way
Brazil continues to set the standard for corporate governance and sustainability. With more money going to sustainable funds, companies are increasing their reporting.
Posted inMagazine
Corporate Flow
DCM issuance began to pick up again in March and April after a weak start to the year, though the message remained the same: buyers were more selective than in […]
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Energy to the Rescue
Trinidad & Tobago could see its budget deficit shrink thanks to rising oil and gas prices. International investors are likely to welcome the twin-island nation with open arms.
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Evolving Growth Play
As Brazil’s middle-income segment continues to grow, a straightforward equities buy has become trickier stock-picking terrain. Inflation and government policy are the biggest risks.
Posted inDaily Brief
ALL Closes Upsized Debenture
America Latina Logistica (ALL) has wrapped up a BRL800m bond sale in Brazil’s domestic market, up from the BRL600m size it had originally indicated, according to the CVM. The freight transporter sold BRL539.2m in 2016 bonds which pay the DI rate plus 1.65%, and BRL270.8m in 2018 bonds that pay IPCA plus 8.49%, or the NTN-B government bond plus 1.76%. The pricing comes in below the respective DI plus 1.85% and NTN-B plus 1.85% price ceilings. The proceeds will be used to partially pay down debt coming due over the next 2 years. The issuance will also extend the company’s debt maturity schedule and fund its ongoing capital expenditures program. Itau, Santander and Votorantim managed the sale, rated A3/A minus on a national scale.
Posted inDaily Brief
Colombia Expected to Raise Rates
Colombia’s central bank is expected to raise rates 25bp, to 3.75% today. Citi cites significant rainfall earlier in the year as muddying the inflation outlook, with additional adverse weather in the future potentially worsening upside risk.
Posted inDaily Brief
LatAm Has Largest Outward FDI of 2010
LatAm and the Caribbean saw the largest increase in outward FDI flows in 2010, according to a report on investment trends by the United Nations Conference on Trade and Development. The main reason for this was an increase in cross-border M&A. The strong economic growth in the region has increased acquisitions by LatAm companies abroad, particularly in developed countries in which there were investment opportunities following the financial crisis. Brazil, Chile, Colombia and Mexico all registered increased outward FDI flows and cross-border M&A transactions, adds the report. The biggest jump was made by Brazil, where net FDI flows jumped to $11.5bn in 2010 from minus $10.0bn in 2009 due to a fivefold increase in the equity capital part of its outward investments. Overall, developing and transition economies’ share of global outflows increased to 28% in 2010, up from 15% in 2007, adds the report.