BBVA Bancomer is playing a prominent part in Mexico’s booming primary capital markets
Category: Regions
Posted inMagazine
Bank of the Year, Paraguay: Banco Continental
Staging a complicated debut in the international debt market in 2012 makes Paraguay’s largest bank stand out
Posted inMagazine
Bank of the Year, Central America: Grupo BAC Credomatic
As trade between Central American countries picks up, one bank is poised to take advantage of the growth
Posted inMagazine
Bank of the Year, Ecuador: Banco de Guayaquil
In a difficult year for Ecuadorean banks, one lender stands out for making the best of a tricky situation
Posted inMagazine
Bank of the Year, El Salvador: Banco Agrícola
As El Salvador’s largest and most profitable bank, Agrícola has held up well against the country’s
economic headwinds
Posted inMagazine
Bank of the Year, Bolivia: Banco Nacional de Bolivia
Bolivian lawmakers have ushered in changes that have hurt banks’ profitability. More pain is in store
Posted inDaily Brief
American’s Comex Bid Denied Again
Mexican antitrust regulators have denied an appeal to Sherwin-Williams in its quest to acquire Consorcio Comex, Sherwin says, meaning the acquisition isn’t authorized. The US paint maker “is considering all options, including whether to refile with the [Mexican Competition] Commission.” The parties agreed last year on the $2.34bn sale of all of Comex, before regulators challenged the Mexican portion in July. Officials were concerned about the ability to set artificially high prices in Mexico. In September, Sherwin completed the acquisition of Comex’s US and Canadian businesses, for $90m cash and $75m assumed liabilities. HSBC and JPMorgan have been advising Comex and Goldman Sachs advising Sherwin.
Posted inDaily Brief
Copper Company Seeks Project Funds
Canadian copper processor Amerigo Resources, through its Chilean subsidiary Minera Valle Central, is working with BBVA to structure loan financing for a $140m plant expansion, it says. The expansion will be majority funded by the loan, and the remainder by internal cash flow, say people familiar with the process. Syndication is expected early next year, as the copper tailings processor is still awaiting the necessary environmental approvals that will allow it to move ahead. Banks have already expressed interest in being part of the loan transaction, which is likely to have a term of 7-10 years with early repayment provisions, according to a person familiar with the matter.
Posted inDaily Brief
Mexican to Meet DCM
Fresnillo plans to start fixed-income investor meetings Friday, according to people familiar with the matter. The BBB/Baa2 Mexican silver and gold mining company will meet fixed-income accounts in London, Los Angeles, Boston, Chicago, before ending in New York November 6. Citi, Deutsche Bank and JPMorgan are managing. A 144a/RegS transaction may follow, subject to market conditions. In April the miner sold GBP222m ($344m) in shares to shareholder First Eagle Investment Management, to meet a free-float obligation. It has not issued bonds internationally or in Mexico’s domestic market, according to Dealogic data.
Posted inDaily Brief
Moody’s Lifts Alestra
Moody’s has raised Mexican telecom Alestra’s credit rating to Ba3 from B1, it says. The move reflects increased comfort with Alestra’s positive revenue trends and an anticipated ability to handle its upcoming $200m debt payment due August 2014, the agency says. It is also expected to be able to take advantage of rising telecom demand in Mexico. The outlook is stable. In October, S&P raised its ratings on Alestra to BB from B+, also citing more comfort with its debt refinancing options. Fitch rates Alestra BB minus.