Opportunities abound for banks in in Panama, with a fast-growing economy and regionalizing banking system
Category: Regions
Posted inMagazine
Bank of the Year, Trinidad & Tobago: Republic Bank
The island’s biggest and most profitable bank is looking across the Atlantic for growth
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 inMagazine
Bank of the Year, Caribbean: Scotiabank
A strong regional reach and global perspective to operations makes Scotiabank stand out
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, 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
LATAM CURRENCIES: Ready or not
Latin American policymakers tell LatinFinance they are bracing for further currency falls
Posted inMagazine
Bank of the Year, Guatemala: Banco Industrial
Central America’s shifting landscape for banking offers opportunities for local participants
Posted inMagazine
INSURANCE SECTOR REPORT: United we stand
The introduction of new global standards for insurance companies will have a disproportionate effect on small firms — and could drive consolidation in Mexico’s highly fragmented system
Posted inDaily Brief
Bond Investors Line up for Peruvian Debut
Peru’s San Miguel Industrias (SMI) generated $2.3bn in orders for a new $200m bond, according to people following the sale, allowing for 125bp tightening from initial price thoughts. The BB/Ba2 $200m 2020 NC4 priced at par with a 7.75% coupon, tight to 8.00%-8.25% guidance that followed 9.0%-area talk. The bonds were trading up 1.25 points in the grey Wednesday, a trader says. “They win the award for biggest tightening from IPT to pricing,” says a banker away from the deal. Comping against retailer Maestro’s (Ba2/BB) 2019 NC4 bond, trading around 7.60%, the banker calculates that San Miguel landed about 25bp inside where a new theoretical Maestro would price, assuming 25bp curve extension and 20bp new issue premium. The unit of Peru’s Intercorp and producer of diversified PET pre-forms and bottles for the food and beverage sector is raising funds to refinance a $178m bridge facility and for general corporate purposes. Bank of America Merrill Lynch and Citi managed the sale, SMI’s first in the international market. SMI claims 70% market share in Peru, where it generates about 80% of its sales, including exports. It also operates in Ecuador, Panama, El Salvador and Colombia, and has longstanding contracts with international bottlers such as Lindley and SABMiller.