The chain of Mexican department stores Coppel plans to issue around 1.5 billion pesos ($142 million) of debt next month as part of a total offering of 3 billion pesos. The company says it will issue five-year floating-rate notes to help finance expansion plans. The issue has been rated AA(mex) by Fitch México and is being arranged by Banamex.
Category: Regions
Posted inDaily Brief
Bolivian Exports Reach Record High
Despite the country’s political turmoil, Bolivian exports between January and October of this year reached a record high of $2.22 billion and are likely to hit $2.60 billion by year end. Last year exports totaled $2.18 billion. Export growth has been driven by sales of hydrocarbons, and agriculture and livestock which rose 51% and 32% respectively.
Posted inDaily Brief
Uribe Announces Reelection Bid
Colombia’s President Alvaro Uribe has formally announced that he will be running for reelection in next year’s elections. This follows a process, recently completed, to change the country’s constitution thereby allowing him to stand for a second term. Despite a slide in the polls lately, Uribe can still boast the highest approval rating of any president of Colombia.
Posted inDaily Brief
New Energy Minister For Bolivia
Sergio Medinaceli, former La Paz Prefect and oil industry consultant, has been appointed Bolivia’s new energy minister. This is the country’s third energy minister in the past six months. Medinaceli replaces Jaime Dunn who resigned after failing to renegotiate contracts with international oil companies to take account of Bolivia’s new hydrocarbons law.
Posted inDaily Brief
Mexican Gurria To Head Up OECD
Jose Angel Gurria, a former Mexican finance minister, has been named as the next secretary general of the Organization for Economic Cooperation and Development, taking over from retiring incumbent Donald Johnston. Gurria served as Mexico’s finance minister between 1997 and 2000 and played a part in stabilizing Mexico’s economy following the peso devaluation in 1994.
Posted inDaily Brief
Mexico Lowers Benchmark Interest Rate
Mexico cut its benchmark overnight lending rate by a quarter of a percentage point to 8.7%. This is the fourth month in a row that the Central Bank has lowered interest rates as inflation slowed to 3.05% in the 12 months to end-October. The government says inflation is forecast to reach 3.5% this year, within the 2%-4% range targeted.
Posted inDaily Brief
Pemex Sells $750 Million FRNs
Petróleos Mexicanos (Pemex) has sold $750 million senior floating-rate notes in the 144A securities market. The notes, maturing in 2012, carry a coupon of 60 basis points over three-month Libor. HSBC Securities and Morgan Stanley were the arrangers.
Posted inDaily Brief
Peru and Thailand Sign Free Trade Agreement
Peru and Thailand have signed a free trade agreement at the Asia Pacific Economic Cooperation Forum in Busan, South Korea. Peru hopes the accord will add $500 million in annual exports and help create 300,000 new jobs.
Posted inDaily Brief
Panamanian Global Bond Rated BB+
Panama’s newly issued benchmark sovereign paper has been rated BB+ by Fitch Ratings. Panama issued $980 million of the 20-year global bonds which mature on 29 January 2026.
Posted inDaily Brief
Peru’s Fiscal Deficit Narrows
Peru’s fiscal deficit in the third quarter dropped to 0.8% of GDP compared with 2.1% in the same period in 2004. The government has been targeting a deficit of 1% of GDP. The government’s primary surplus was 1.3% of GDP up from an even balance in 2004.