Mexico’s Banco Interacciones is looking to issue up to MXP700m ($53m) in subordinated notes in the domestic market, according to Moody’s, which assigns the notes a Baa1 rating. The notes will represent the third issuance under a non-convertible subordinated notes program, eligible for Tier-2 capital treatment for up to MXP2bn. Further details of the transaction were not immediately available. Proceeds will be used to maintain liquidity and general corporate purposes. Interacciones specializes in sub-national and public infrastructure financing in Mexico.
Category: Regions
Posted inDaily Brief
Southern Copper Postpones Bond Plans
Southern Copper Corporation has cancelled plans to raise funds in the international bond market following a ruling by the Supreme Court of Delaware which affirms a 2011 judgment requiring the company’s controlling shareholder, Grupo Mexico, to pay its subsidiary a substantial amount in shares or cash. “In light of this decision, Southern Copper is postponing its roadshow and will re-evaluate accessing the debt capital markets once the consequences of the decision are known,” the company says in a statement to investors. The Baa2/BBB/BBB rated unit of the Mexican miner and railroad operator had planned to issue SEC-registered bonds following a three-continent roadshow with Credit Suisse, HSBC and Morgan Stanley.
Posted inMagazine
Investor Report Brazil: Dangerous game
There are growing signs that all is not well with the Brazilian economy. A rapid increase in household indebtedness and a surge in credit growth have investors worried
Posted inMagazine
Investor Report Mexico: Auto focus
Mexico’s manufacturing sector is poised for a significant boost – provided the US economy doesn’t falter
Posted inMagazine
Investor Report Mexico: Hope springs
Managers are confident renewed international fervor for Mexico will carry over into private equity. More robust domestic investment should be a bigger driver in the short term
Posted inMagazine
Investor Report Andean Region: Digging deep
The high-growth Andean economies of Bolivia, Colombia, Ecuador and Peru must ramp up infrastructure investment if they are to harness the full extent of their natural resource wealth
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Cover Story: Remains of the day
As western lenders pull back from markets once deemed vital to their future growth prospects, Latin America’s home-grown banks are swooping in to pick up the pieces
Posted inMagazine
Spanish banks: A rock and a hard place
Spanish banks on paper remain firmly committed to their Latin businesses – their best hope for future profits. But further troubles at home could yet force them into a radical downsizing
Posted inMagazine
Investor Report Caribbean: The gathering storm
The Caribbean appears increasingly fragile as governments struggle to balance economies amid a pullback in traditional sources of foreign investment
Posted inMagazine
Investor Report Brazil: A foreign exchange
A major shift is underway in Latin America’s investment landscape as fund managers reallocate profits taken from Mexico’s high-returning equity markets to holdings in Brazil