Brazil’s Bovespa stock index rose 3.4 percent Tuesday after Roberto Jefferson, a Labor Party deputy who says President Luiz Inacio Lula da Silva’s government paid bribes for legislative support, said he has no proof for his allegations in testimony to the lower house ethics committee. Jefferson still clams, however, that the ruling Workers’ Party tried to pay legislators for votes.
Category: Equity
Posted inDaily Brief
Gol Issues Shares
Brazil’s budget airline Gol Linhas Aareas Inteligentes raised $241 million last week through an offering of primary and secondary shares. Shares were priced at $14.28. US investment bank Morgan Stanley, which coordinated the offering, exercised options on further shares during the offering.
Posted inDaily Brief
Azteca to Delist
Mexican tycoon Ricardo Salinas Pliego plans to delist the stocks of three companies he controls from the New York Stock Exchange. TV Azteca, Mexico’s second television network, Grupo Elektra, the country’s main home appliance retailer, and cellphone company Grupo Iusacell plan shareholder meetings to approve delisting from the NYSE. Salinas Pliego cited “over- regulation” for the decision. However, the US SEC is suing him for fraud and last week Mexican regulators fined TV Azteca, Salinas Pliego and a director $2.3 million for violating local securities law. Finance Minister Francisco Gil Díaz also demanded prosecutors bring criminal charges against Salinas Pliego for insider trading.
Posted inMagazine
New EU Directives
Nick Eastwell, global head of capital markets at Linklaters, which advises the Swiss Stock Exchange, explains how new European Union directives affect Latin American issuers.
Posted inMagazine
Back to the Markets
An IPO wave will continue in 2005. Fixed income markets are on an upswing. Does Brazil finally have the mature capital markets it so badly needs? Not yet.
Posted inDaily Brief
Arauco Plans Bond Issue
Chilean pulp maker Celulosa Arauco y Constitucion (Arauco) plans to place a $300 million bond issue on the New York Stock Exchange April 12. The company has begun a road show to advertise the sale that will travel to Singapore, Hong Kong, London, Boston and New York. JP Morgan is the lead manager of the issue.
Posted inMagazine
Pioneering IPOs
IPOs were unusually plentiful in Latin America last year. Nearly a dozen companies went public in São Paulo, Santiago and Mexico City – the region’s three main financial centers. But Brazil, […]
Posted inMagazine
Filling the Racks
The president of Mexico’s Stock Exchange wants to build a one-stop shop for investors. The first customers? Private pension funds.
Posted inMagazine
Vanishing Point
A record-setting performance by Mexican stocks has triggered a wave of IPOs, but the market is still shrinking.
Posted inMagazine
Cencosud Bags Retail Investors
The Chilean grocery store chain storms into the stock market with an IPO aimed at domestic and international investors and feeds an appetite for Latin shares.