Mexico’s trade deficit in November fell to $1.51 billion, compared with $1.83 billion at the same time in 2004, driven by a 19% rise in exports year on year. Oil export revenues were up nearly 33%. The trade deficit for the first 11 months of the year stands at $6.4 billion.
Category: Regions
Posted inDaily Brief
Colombia Q3 Growth Of 5.75%
Colombia’s GDP grew by 5.75% in the third quarter compared with the same period last year, the fastest rate in the past 10 years. This follows growth in the second quarter of 5.62%. Economic expansion was driven by a strong construction industry and rising consumer spending.
Posted inDaily Brief
Colombia Seeks Adviser For Granbanco-Bancaf´e
The Colombian government yesterday, Thursday, said it would be accepting bids from investment banks to advise on the future of state-owned Granbanco-Bancaf´e, the country’s largest state-owned financial entity. The winning bank would help the government analyze the options on Bancaf´e’s future.
Posted inDaily Brief
French Constructor Vinci Sells Stake To Mexican ICA
French construction company Vinci has sold its 34.25% stake in Mexican partner Seta for $38 million to Mexico’s ICA. Seta runs 13 airports in the north-east of Mexico. The purchase by ICA takes the Mexican builder’s stake in Seta to around 51%.
Posted inDaily Brief
Homex Shareholders To Sell $230 Million Stock
The main shareholders of Homex, one of Mexico’s main housing constructors, are to sell around $230 million worth of their stockholding, increasing the amount of the company’s shares trading on the Mexican and US exchanges from 32% up to 44%. The increase in available shares will improve liquidity of the company’s stock.
Posted inDaily Brief
Mexico: Demand For More Long-term Debt
Increasing demand for more long-term local currency debt, particularly from pension funds, may prompt the Mexican government to issue 30-year peso-denominated bonds for the first time next year. Mexico’s local currency debt rating was raised from BBB to BBB+ by Fitch Ratings at the beginning of December.
Posted inDaily Brief
Colombian Sodimac To Issue Bonds
Colombia’s Sodimac plans to issue around 100 billion pesos ($43.7 million) bonds, with a first tranche to be offered in the first half of next year. This will be the first time the home improvement retailer has raised finance through a bond issuance.
Posted inDaily Brief
Colombia To Issue Samurai Bonds
Colombia is planning to issue Y22.5 billion ($195 million) of Samurai bonds, the first time the sovereign has done so since 2001, and the first Latin American country to issue such instruments since Argentina defaulted on its Japanese-currency debt in 2001 and dampened Japanese investor interest. The principal and part of the interest will be guaranteed in Japan by the Japan Bank for International Cooperation (JBIC). The issue will be arranged by Mizuho Corporate Bank, which will offer the bonds to Japanese regional banks and insurance companies through a private placement.
Posted inDaily Brief
Morales Reaffirms State Control of Energy
President-elect of Bolivia — left-wing cocalero leader Evo Morales — who will take office in January next year, has reaffirmed his determination to take control of the country’s energy industry but says he will respect the assets of international oil companies operating in Bolivia. Morales campaigned on the issue of nationalizing the country’s natural resources, in particular hydrocarbons. Spanish oil company Repsol YPF, which is Bolivia’s largest foreign investor with around $1.2 billion assets, has confirmed that it plans to remain in the country and continue with its operations.
Posted inDaily Brief
Citibank Colombia To Issue $250 Million Bonds
Citibank Colombia is to issue peso-denominated bonds worth $250 million. As at the end of October Citibank Colombia had assets worth $1.48 billion; earnings for the year to October were up 18.3% on 2004 to $41.9 million.