César Cisneros, the president of Ecuador’s state-run telco Andinatel, has been removed following irregularities picked up in an audit of the company’s finances. Cisneros insisted his forced resignation was the result of failing to sign certain contracts and to make certain appointments, reported local media. Cisneros is replaced by Fabián Palacios, former chairman of the board of local operator Telecsa.
Category: Regions
Posted inDaily Brief
Comerci Upsizes Offering
Mexican retailer Comercial Mexicana (Comerci) said on Friday it had placed 3 billion pesos ($272 million) of its 2027 Europeso bonds, increasing the issue from 2 billion pesos in the face of orders totaling 5 billion pesos. The bonds were sold to yield 8.70%, or 100 basis points over the comparable 2027 Mexican Treasury bonds. Proceeds will be used to repay short-term debt and to finance investment needs, said the company in a filing with the Mexican Stock Exchange. The 144a/Reg S. notes are rated BAA2/BBB-/BBB- (Moody’s/S&P/Fitch). Merrill Lynch led; Credit Suisse acted as co-manager.
Posted inMagazine
Latin Exchanges Link Up
The distance between Mexico City and São Paulo is rapidly shrinking for equity investors. A new intra-regional capital flow is about to start.
Posted inMagazine
Satmex for Sale
Satmex, the recently restructured Mexican satellite operator, is on the block for a minimum $500 million. The buyer will need deep pockets to turn it around.
Posted inMagazine
Peru Eyes Capital Markets Reform
Peru is growing at an impressive 9% while inflation, at around 1%, is among the lowest in the world. The country is well on the way to investment grade.
Posted inDaily Brief
Colombia Government Announces Measures To Dampen Peso
Colombia’s government has announced a series of measures aimed at easing the pressure on the exchange rate and to help weaken the strengthening peso. It said it would scale back borrowing from multilaterals this year from a planned $3 billion to $2 billion, as well as arranging for a portion of this financing – around $400 million – to be issued in local currency bonds. Colombian companies will also be allowed to seek acquisition financing in the domestic market – currently not possible – rather than resorting to external sources. Local exporters have been hit by the continuing rise in the peso, which earlier this month reached its highest level against the US dollar in six years.
Posted inDaily Brief
Belize Power Plant Secures $35 Million Financing
US infrastructure financing and advisory firm CIFI, has announced it has arranged a $35 million debt facility for Belize Cogeneration Energy Limited (BELCOGEN), owned by Belize Sugar Industries. Funds will go to build a 31.5 MW biomass power plant, which seeks to meet 20% of the country’s energy demands and help reduce its reliance on foreign oil.
Posted inDaily Brief
Cofotel to Auction Licenses
Cofotel, Mexico’s telecoms regulator, says it will auction wireless and regional television and radio licenses in the second half of the year to boost competition in these sectors. Currently these two sectors are dominated by America Movil and Telmex, and broadcasters Televisa and Azteca.
Posted inDaily Brief
Fitch Revises Up Mexico Outlook
Fitch Ratings has revised the rating outlook on Mexico’s long-term foreign and local currency sovereign Issuer Default Ratings (IDRs) to positive from stable and affirmed the country’s BBB/BBB+ long-term foreign/local currency and F3 short-term IDR ratings. The ratings revision reflects Mexico’s external solvency ratios and the credibility of the country’s fiscal policy following the successful passage of the pensions reform bill, said Fitch. Commenting on the improved outlook by Fitch, Goldman Sachs analysts Alberto Ramos noted that continuing progress on reform, particularly tax reform, would contribute greatly to an upgrade in the near future, as would measures to reduce the budget dependence on oil revenues. He also indicated a likely outlook upgrade by S&P may be on the cards.
Posted inDaily Brief
Televisa Sells Univision Shares
Mexican media group Televisa has divested itself of all its shares in Spanish-language US broadcaster Univision in return for $1.1 billion. Televisa announced its intention to sell its 11% shareholding last year after it lost its $12 billion bid to buy Univision to a US investor group. The sale frees Televisa from an agreement that restricts its expansion in the US market.