Mexico is offering to swap dollar-denominated securities for peso securities as part of its strategy to move more of its debt into the domestic market. Investors will be offered three local-currency bonds: maturing in 2011, 2014 and 2024 in exchange for any of the 14 dollar bonds specified by the government. The sale is being managed by JP Morgan Chase & Co and Credit Suisse First Boston.
Category: Regions
Posted inDaily Brief
Peru EnerSur To Float
Peruvian electricity producer EnerSur, owned by French group Suez, plans to float between 5% and 28% of its stock on the local stock exchange before the end of the month. EnerSur is Peru’s fourth-largest energy provider, representing 8% of the market. It provides electricity under a long-term contract to Southern Peru Copper Corporation.
Posted inDaily Brief
Mexico Annual Inflation Hits Record Low
Mexico’s inflation in the 12 months to October dropped to 3.05% from 3.51% in September, reaching a record low annual rate. The monthly rate was 0.25%, just below the average of 0.26% forecast by analysts. This was down from 0.4% monthly inflation in September.
Posted inDaily Brief
Hurricanes Will Cost Mexican Insurers $1.7 Billion
The damage caused by this year’s hurricane season in Mexico will cost local insurers an estimated $1.7 billion. Of the three major hurricanes – Emily, Stan and Wilma – that hit Mexico this year, Wilma accounted for most of the damage, around $1.4 billion.
Posted inDaily Brief
Mexican Home Builder To List On Latibex
Mexican home builder Sare says it will list on Spanish exchange Latibex starting 15 November, making it the ninth Mexican company to do so. This follows the listing in September of Geo, Mexico’s largest housing construction company. Sare, which floated on the Mexican Stock Exchange in 2003, will trade on the Spanish exchange under the code XSARE. Latibex is an international market dedicated to Latin American equities.
Posted inDaily Brief
Mexico To Sell 36% Stake in Airports
The Mexican government will complete the sale of its 36% stake in Grupo de Aeropuertos Centro Norte (GACN) to construction company ICA before the end of this year and will then list the rest of the shares it holds (49%) on the exchange next year.
Posted inDaily Brief
Mexican Telecoms Axtel Plans IPO
Monterrey-based telecoms company Axtel, one of Mexico’s fastest-growing local exchange carriers that provides local, long-distance and internet services in the large metro areas, is to make an initial public offering of shares. The company will sell shares in Mexico and offer ADS in the US.
Posted inDaily Brief
Ecuador Inflation Up 0.79%
Consumer prices in Ecuador rose 0.79% in October compared with 0.65% recorded in September. Accumulated inflation for the 10 months to October was 3.57%, compared with 2.76% as at end September and 1.59% in the same period last year. The government expects annual inflation of 2.9% this year versus 1.95% in 2004.
Posted inDaily Brief
Colombian Cemento Argos To Buy Andinos
Colombian Cemento Argos is to buy rival Cementos Andino and concrete producer Concrecem in a deal worth $192 million. Argos is Latin America’s fifth-largest cement producer and recently purchased two cement companies in the US in the largest investment by a Colombian firm in the US.
Posted inDaily Brief
Record Year Expected For Mexican Banking
Analysts say they expect 2005 to be a record year for Mexican banks, in terms of growth and earnings. Banking growth is being driven by rising demand for credit, in particular consumer and mortgage credit. Banks such as Banamex, Banorte and Santander Serfin have all announced growth in consumer banking and credit areas.