Banco de Reservas has shrugged off macroeconomic weakness in the Dominican Republic caused by the global financial crisis and continues to grow.
Category: Economy & Policy
Posted inMagazine
Best Bank – Ecuador
Ecuador’s Banco Pichincha has been busy expanding within and beyond the country’s borders. At the same time, it has been able to keep its financial indicators in line with or better than that of the banking system as a whole.
Posted inMagazine
Best Bank – Jamaica
Jamaica’s National Commercial Bank (NCB) has passed the test of a weak local economy and a sovereign debt restructuring relatively unscathed, as profitability and liquidity remain at acceptable levels.
Posted inMagazine
Best Bank – Puerto Rico
Puerto Rico has been suffering a recession for more than four years. Several banks have collapsed, unemployment has soared and bankruptcies have increased.
Posted inMagazine
Best Bank – Bolivia
Bolivia’s small size has meant its banks suffered few effects of the credit crisis in 2008 and 2009.
Posted inMagazine
Best Bank – Trinidad & Tobago
Trinidad & Tobago’s (T&T) Republic Bank has been able to grow its assets despite a weak economy and reduction in its loan portfolio.
Posted inDaily Brief
Colombia Leaves Rates at 3.00%
Colombia’s central bank left the monetary policy rate unchanged at 3.00% as expected by the market. The bank cites lower-than-expected annual inflation of 2.28% and a strengthening of the local economy, which it expects to grow at around 4.50% in 2011, in line with expansion seen this year. Morgan Stanley expects Colombia to tighten to 6.00% by the end of 2011 while Barclays believes the rate will stay on hold until April.
Posted inDaily Brief
Colombia Rates Seen Steady
The market expects Colombia’s central bank to keep its monetary policy rate on hold at 3.00% today. Morgan Stanley says growth is in line with expectations and inflation remains below target. It expects the rate to tighten to 6.00% by the end of 2011. Barclays also sees the rate on hold with tightening beginning in April, although it says there is a risk it could begin later in the year.
Posted inDaily Brief
Helm Bank Issues Bonds
Colombia’s Helm Bank has issued COP400bn ($218m) in local bonds. The AA+ issue was done in 4 tranches, all priced at par. A 3-year COP97.9bn piece pays IBR plus 1.64% to yield 4.75%, a 3-year COP118.2bn piece pays IPC plus 3.00% to yield 5.35%, a 5-year COP67.2bn piece pays IPC plus 3.50% to yield 5.86% and a 7-year COP117.5bn piece pays IPC plus 4.12% to yield 6.49%. Proceeds will be used for working capital. Helm’s own brokerage managed the sale.
Posted inDaily Brief
Banobras Sees Demand for 4-Year Issue
Mexico’s Banobras has issued MXP7bn 4 year bonds on Tuesday on more than MXP19bn of orders, according to a banker at sole lead Banamex. The bonds priced flat to TIIE, the low end of 0bp-10bp guidance, says the banker. “The order book was diverse with all types of investors,” he adds. Investors had said TIIE flat was fair for the credit. The bonds were rated Aaa on a national scale by Moody’s. The rating is based on the bank’s status as a government-backed issuer. Banobras provides financing for states and municipalities, particularly for infrastructure projects.