Unifin will today issue MXP200m in 5-year floating rate asset-backed securities. The notes, backed by auto-loans, come from a MXP1bn program, and have AAA local rating from S&P. IXE is the underwriter and JPMorgan is the trust administrator.
Category: Regions
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Paris Club Accepts Peru Prepayment Offer
Representatives of the Paris Club creditor countries have accepted Peru’s offer to prepay its debt rescheduled in 1993 and 1996 and not granted under Official Development Assistance conditions, according to an official statement by the Paris Club. The decision follows a meeting in Paris earlier this week to study the proposals. According to Paris Club rules, each creditor country may decide to participatRepresentatives of the Paris Club creditor countries have accepted Peru’s offer to prepay its debt rescheduled in 1993 and 1996 and not granted under Official Development Assistance conditions, according to an official statement by the Paris Club. The decision follows a meeting in Paris earlier this week to study the proposals. According to Paris Club rules, each creditor country may decide to participate or not in this operation. For the participating creditors, the prepayment of around $2.54bn will be made on 1 October 2007, after conclusion of bilateral implementation agreements. e or not in this operation. For the participating creditors, the prepayment of around $2.54bn will be made on 1 October 2007, after conclusion of bilateral implementation agreements.
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Peru Increases Debt Shelf With SEC
Meanwhile, the government of Peru has amended its shelf registration with the SEC of the US, increasing the amount from $4bn to $5bn. Peru originally filed the shelf last December. The shelf registration allows the sovereign to sell debt securities and in one or more offerings and denominated in different currencies.
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Elektra Opens Banco Azteca In Guatemala
Mexican retailer Elektra, owned by Grupo Salinas, has opened its second banking subsidiary outside Mexico. Banco Azteca Guatemala is a wholly owned subsidiary of the Group and the second banking unit to be launched after Panama. Azteca Guatemala, headquartered in Guatemala City, has a nationwide network, the bank said in a statement. Elektra has been present in the local market since 1997. Grupo Salinas set up Banco Azteca in 2002 to complement its network of Elektra electro domestic outlets. Earlier this year the bank got the nod from Honduran bank regulator (CNBS), which has approved its banking license to operate in Honduras.
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Telmex, Televisa Eye Satmex
Mexican telco Telmex is the second big name to show an interest in the upcoming sale of local satellite operator Satélites Mexicanos (Satmex). The company successfully restructured last year to position itself as a target in the consolidating satellite communications sector. It appointed Morgan Stanley to advise on the sale to a strategic buyer. The restructuring, which has been praised for its fair treatment of foreign creditors, left 78% of the company’s equity in the hands of the debt holders. The remaining 22% is held by the Mexican government (20%) and jointly by local telco Principa and US operator Loral (2%). Earlier this year, local broadcaster Televisa said it was evaluating an acquisition of Satmex.
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AES Gener Gets Investment Grade
Moody’s and Standard & Poor’s have both awarded AES Gener, the Chilean subsidiary of AES of the US, investment-grade status. Moody’s also upgraded the notes of its wholly-owned subsidiary, Colombian AES Chivor & CIA to Baa3 senior unsecured and Ba2 senior secured, respectively. Chivor’s corporate family rating was also upgraded to Ba2. The rating outlook for Gener and Chivor is stable. Moody’s raised its rating to Baa3 from Ba1, while S&P awarded it BBB minus. The upgrade will allow AES Gener to access more flexible financing and help with its expansion plans, said the company.
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Benavides New Peru Agriculture Minister
Ismael Benavides, a former minister and banker, has been appointed Peru’s new agriculture minister replacing Juan José Salazar who resigned earlier this month. Benavides was fisheries minister in the 1980s and was chief executive of Banco Internacional del Peru for more than 10 years.
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Coppel Launches Banking Ops
Mexican retailer Coppel has launched its banking operations in the local market after getting the go ahead from the banking regulator. Bancoppel, as the bank is called, will begin by opening five branches in Coppel’s home state of Culiacan and two in Mexico City. Coppel joins fellow retailer Famsa in the banking market and will be followed by Walmart de México and Soriana.
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Calderón’s PAN Loses Control of Yucután
Mexico’s ruling PAN party led by President Felipe Calderon has suffered a defeat in the first primaries since winning last year’s elections. Although final results of the elections in Yucután province will not be known before Wednesday, preliminary figures show the opposition PRI winning with almost 50% of the votes against PAN’s 40%. PAN won control of Yucután during last year’s elections, wresting control from the PRI. A win by the PRI is seen as a positive thing by analysts who say a loss may have taken away PRI support from Calderón’s proposed tax reform bill.
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Mexico’s ASUR Eyes $750m Loan
Mexico’s Grupo Aeroportuario del Sureste (ASUR) is seeking participation in a $750m loan, part of which will be denominated in pesos. Proceeds are partly to finance Mexican executive Fernando Chico Pardo’s acquisition of the minority stake he doesn’t already own in the airport holding company. The rest will be used to refinance existing operating company debt. Citi is heard to be leading the deal, which will be launched at a bank meeting in Cancun, the site of one of the company’s airports, in two weeks. Pardo is paying MXP56 a share for 42.625% of the outstanding shares. ASUR is listed in New York and Mexico.