Mexico’s Secretariat of Communications and Transport filed a suit against troubled satellite operator Satmex claiming the payment of debt worth $188 million. The litigation could give the Mexican governmet, which already holds a large percentage of Satmex stock, a majority share of the company´s equity. In a move protested by US creditors Satmex recently filed for bankruptcy under Mexican law to restructure liabilities of $600 million.
Category: Regions
Posted inDaily Brief
Peru To Issue Bonds
Peru´s Minister of Finance, Pedro Pablo Kuczynski, said the country plans to place bonds worth $700 million on international markets to raise funds to help prepay its $8.1 billion debt with the Paris Club. The maturity of the bonds will range from 15 to 30 years. This week Standard and Poor´s upgraded Peru´s debt from stable to positive.
Posted inDaily Brief
Merrill Rates Sovereigns
Merrill Lynch released a report arguing that the sovereign bonds of Russia, Ecuador and Mexico offer the highest yields for investors looking for emerging market debt. Merrill’s spread error correction model, or SECM, compares bond spreads, taking into account global market conditions, average maturity and credit ratings. Merrill thinks Brazilian and Colombian bonds are “fairly valued”.
Posted inDaily Brief
Peru’s Debt Outlook Raised
Peru’s long-term foreign currency debt rating outlook was raised to positive from stable by Standard & Poor’s, which cited improved expectations for medium-term economic growth. Peru’s economy, which has posted 46 months of growth, is diversifying exports from raw materials such as ore and fishmeal to more finished products, including textiles and chemicals, as trade grows with China, the country’s second-biggest export market. Peru´s GDP has grown an average of 4.5 percent a year since 2002 while budget deficits have been around 1 percent of GDP.
Posted inDaily Brief
Dr. Guillermo Babatz, CEO, Sociedad Hipotecaria Federal (SHF),
is confirmed as a panelist at LatinFinance’s Inaugural Cumbre Financiera Mexicana, July 13-14, in Mexico City. Debate and discuss the challenges and opportunities presented by Mexico’s dynamic financial markets at this invitation-only event. View the full agenda and apply for an invitation at www.latinfinance.com/mexicana
Posted inDaily Brief
Colombia: Defense Minister Resigns
Colombia’s Defense Minister Jorge Uribe resigned a year before the end of his term and will be replaced by President Alvaro Uribe´s legal counsel, Camilo Ospina. Minister Uribe has done much to curb kidnapping and violence in the government´s ongoing war against both left and right-wing paramilitary groups, helping restore business and consumer confidence in Colombia. The government forecasts the $91 billion economy, whose main exports are coffee, coal and oil, will expand about 4 percent this year after growing 4 percent in 2004.
Posted inDaily Brief
Dr. Francisco Gil Díaz, Minister of Finance & Public Credit, Mexican Ministry of Finance and Gerardo de Nicolás, CEO, Desarrolladora Homex
are confirmed as panelists at LatinFinance’s Inaugural Cumbre Financiera Mexicana, July 13-14, in Mexico City. Debate and discuss the challenges and opportunities presented by Mexico’s dynamic financial markets at this invitation-only event. View the full agenda and apply for an invitation at www.latinfinance.com/mexicana
Posted inDaily Brief
Colombia´s Surplus Grows
Colombia had a trade surplus of $360 million in the four months through April, up from $45 million a year earlier. Exports surged 36 percent to $6.3 billion. Colombia´s trade surplus in 2004 was $860 million.
Posted inDaily Brief
Mexico: Remittances Up
Remittances to Mexico rose 19 percent year-on-year to $7.5 billion in the five months through May. Ninety percent of the remittances were sent electronically via money sending agencies and 10 percent were sent via money orders.
Posted inDaily Brief
Moreno Nominated
Colombia announced the candidacy of its current ambassador to the United States, Luis Alberto Moreno, for the presidency of the Inter-American Development Bank (IADB). The IADB´s assembly of governors will meet July 27 in Washington to elect a replacement for current president Enrique Iglesias, who will step down September 30. Other candidates include Brazilian Joao Sayad and Nicaraguan Mario Alonso.