Mexican financial regulators have, for the first time, published a list of companies fined for breaking insider trading laws. These ‘name and shame’ tactics have been borrowed from its northern neighbor where the SEC names offending companies.
Category: Regions
Posted inDaily Brief
Ecuador–World Bank Talks
Ecuador and the World Bank have set aside their recent differences to start talks. This is the first time the two parties have sat down since August when the World Bank suspended the disbursement of a $100 million loan. This was prompted by a change in the law resulting in the restructuring of the country’s oil stabilization fund. The loan was part of the Bank’s fiscal support program for Ecuador.
Posted inDaily Brief
Banorte Shareholders Approve Capital Increase
Shareholders of Mexico’s fourth-largest financial institution, Banorte, have approved a capital increase for the bank. The increase of P$5.3 billion ($490 million) will be financed via a new issuance of ordinary shares to be distributed to shareholders at a ratio of three new shares to one existing share. Shareholders also approved an annual dividend of P$1.25 per share.
Posted inDaily Brief
Mexican Infonavit Issues 20-Year Mortgage-backed Debt
Infonavit, Mexico’s largest home financing company, has issued 20-year domestic debt worth P$1.058 billion ($98 million) with a fixed annual rate of 5.90%. The mortgage-backed debt is the fourth tranche of an offering that was launched last year. The non-profit lender said it placed most of the offering with pension funds, insurers, investment companies, and also – for the first time – with foreign investors. Infonavit said it is preparing another issue for December.
Posted inDaily Brief
Mexico Inflation Record Low
Mexico’s rate of inflation in September rose by only 0.40%, below analyst forecasts. The annual rate fell to a record low of 3.51%. Economists expect the Central Bank to continue to cut interest rates to boost growth in light of the low inflation figures. Since August 26, the Bank has cut the overnight lending rate by 50 basis points to 9.25%.
Posted inDaily Brief
Panama Registers With SEC To Issue $2 Billion Debt
Panama has filed with the U.S. Securities and Exchange Commission (SEC) to issue up to $2 billion worth of debt. Panama said it planned to issue the securities to raise money for general refinancing and other spending needs. The ‘shelf registration’ allows Panama to sell securities in one or more offerings, determining details such as size and price at the time of sale.
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Fogafín Completes 1.2% Sale of Granahorrar
The first phase of the privatization of Colombian state-owned mortgage lender Granahorrar has closed with the allocation by Fogafín of 497,446 shares of the bank worth 5.1 billion pesos to the company’s workers, cooperatives and pension funds. This represents 1.2% of the bank’s capital, leaving 98.8% for public auction. The minimum price for the remaining stake has been set at 438 billion pesos ($191 million).
Posted inDaily Brief
Fujimori Confirms He Will Run For President
Ex president of Peru Alberto Fujimori has confirmed that he will run for next year’s presidential elections due to take place in April 2006. At a press conference in Tokyo, Fujimori said he intended to run for president and claimed to have 30% support of the voters in Peru. Fujimori has been in Japan since resigning his presidency in 2000 and Peru has unsuccessfully sought his extradition from there to face human rights and corruption charges at home. Last month he received a new Peruvian passport.
Posted inDaily Brief
Ecuador September Inflation Rise
Ecuador’s rate of inflation rose to 0.65% in September compared with 0.24% for the same period last year, and only 0.21% in August. Inflation for the past 12 months stood at 2.88% as at end-September; cumulative inflation was 2.76%, compared with 1.31% at the same time in 2004.
Posted inDaily Brief
Telefónica Del Perú First Local-currency Issue Abroad
Peru’s largest telecoms operator, Telefónica del Perú, has issued its first local currency bonds abroad. The $225 million sol-denominated paper matures in 2016. Telefónica’s issue follows Brazil’s successful first issue on 20 September, when it sold $1.5 million of real-denominated bonds to international investors.