In the April-June period, Banco de Crédito Del Peru (BCP) achieved some of its best quarterly results to date, supported by a strong reactivation of the Peruvian economy.
Category: Loans
Posted inMagazine
Best Bank – Venezuela
Mercantil Banco Universal has been expanding its loan portfolio, which has led to year-on-year growth despite a economic contraction and slow liquidity growth in Venezuela.
Posted inMagazine
Best Bank – Panama
Banco General takes top prize for Panama for the second year in a row.
Posted inMagazine
Best Bank – El Salvador
El Salvador’s Banco Agrícola, part of Colombia’s Bancolombia since 2007, is expected to end this year with results that compare favorably with those obtained at the end of 2009, says Fitch, which has an AA+ (stable) local rating on the bank.
Posted inMagazine
Best Bank – Dominican Republic
Banco de Reservas has shrugged off macroeconomic weakness in the Dominican Republic caused by the global financial crisis and continues to grow.
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 inDaily Brief
Brazil’s Citepe Gets EUR Loans
Brazilian petrochemical company Cia Integrada Textil de Pernambuco (Citepe), a Petrobras subsidiary, has obtained 2 credit facilities for a total of EUR91m from lead arrangers Spain’s Banco Santander and Germany’s KfW IPEX Bank, according to a person on the deal. About EUR44m comes in the form of a buyers’ credit and the remainder is an export refinancing facility. The source says the loans have a tenor of 8 years and pay an interest rate based on Euribor. The credits are guaranteed by Petrobras and covered by export credit insurance from German export credit agency Euler Hermes Kreditverischerungs. Proceeds of the facilities will go to the construction of 2 plants, one producing PET chips and the other producing textile-grade semi-dull polyester polymers.
Posted inDaily Brief
Itau Chile Heard Shopping Loan
Banco Itau Chile is expected to launch next week a syndicated loan. Credit Agricole and BNP Paribas are heard running the transaction and a bank meeting is scheduled for November 3 in New York. A $150m senior unsecured term loan facility is expected by bankers not on the deal. It is unclear why the bank is funding itself in Chile.
Posted inDaily Brief
Odebrecht Floats Hefty Drillship Bond
Use of the bond market for drillship financing appears set to grow, with Brazil’s Odebrecht targeting a $1.5bn 10-year, considerably larger than those financed so far this year. The Odebrecht Drilling Norbe VIII/IX unit will use proceeds to refinance debt related to the construction of 2 deepwater drillships operated by Odebrecht Oleo e Gas and holding 10-year contracts with Petrobras. The BBB/Baa3 amortizing deal has an 8.1-year average life and will be pitched to investors next week. Two teams will start in London and the US West Coast Monday, hit New York, continental Europe and Singapore before finishing in Boston and Hong Kong Friday. Santander, HSBC, Deutsche Bank, and Banco do Brasil are managing the sale. The notes are backed by intercompany loans granted to each drillship, according to Fitch. It notes that construction of the Norbe VIII and Norbe IX ships are 95.5% and 88.0% complete, respectively, and should be delivered in the first half of next year. Earlier this month, Brazil’s BBB/Baa3 Schahin Engenharia raised $270m in 2016 bonds to refinance debt on the operating Lancer drillship, paying a 5.85% yield.