Julie Katzman has been appointed executive vice president of the IDB. She had been serving in that role on an interim basis since Dan Zelikow stepped down August 30. She had served as general manager of the bank’s Multilateral Investment Fund since March 2009. Katzman will serve as the IDB’s COO and will be responsible for the day-to-day management of the institution. Prior to joining the MIF, Katzman had been based in Washington, working with companies on a broad range of strategic and financial issues. Earlier in her career, Katzman worked for Lehman, in the company’s high yield and private equity businesses. In 1996, she left Lehman and co-founded Violy Byorum & Partners (VB&P), a New York-based investment bank focused on LatAm.
Category: Structured Finance
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IDB Lands Debut Paraguay A/B Loan
Banco Continental has signed a $40m syndicated A/B loan via the IDB, which will go towards increasing lending to small and mid-sized businesses. The A loan, from the IDB, is for $25m and is for 5 years, with a 2 year grace period. The B loan is divided into 2 tranches. The first tranche is a $5m 3-year bullet funded by Dexia Micro-Credit Fund, managed by BlueOrchard. The second tranche is for $10m, with a 5-year maturity and 2-year grace period. Participants were responsAbility SICAV (Lux) Mikrofinanz-Fonds and responsAbility SICAV (Lux) Microfinance Leaders, managed by responsAbility Social Investments. It is the first loan in Paraguay to be syndicated by the IDB. “We expect to see more transactions to fund financial institutions committed to providing financing in a way that is relevant to development and financially sustainable,” Daniela Carrera-Marquis, head of the IDB’s financial markets division, tells LatinFinance. “Investors are becoming more interested in transactions that are financially viable, but also contribute to sustainability,” she adds.
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Espirito Santo Bags $175m Transport Loan
The state of Espirito Santo in Brazil will receive a $175m loan from the IDB to improve ground freight and passenger transportation on its highways. The loan is for a 25-year term, with a 5-year grace period, priced basis Libor. The state government will provide an additional $75 million in local counterpart funds.
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GMAC Wraps Up Brazil ABS Sequel
Banco GMAC Brasil has closed a BRL200m securitization using the FIDC structure, a follow-up to its first such Brazilian deal, which priced last year. The lender sold a 2-year deal at the DI benchmark plus 1.9%. The transaction is backed by automobile dealer floor plan loans, similar to a 2009 transaction, which GMAC claimed to be the first of its kind in Brazil and to be GMAC’s first public securitization there. Citi managed the sale, rated AAA on a national scale.
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Lojas Renner Closes FIDC
Brazil’s Lojas Renner has closed a BRL350m domestic ABS using the FIDC structure. Units from the 2013 deal pay the DI rate plus 1.2% and are backed by the retailer’s credit receivables. Itau managed the deal rated AA+ on a national scale, along with Banco do Brasil, Banco Votorantim, Bradesco and Santander.
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LatAm Exports Seen Growing 29%
The IDB forecasts that LatAm’s exports will have increased by 29.0% in 2010 to around $853.0bn. A year earlier they had dropped 23.0%. Intra-regional exports grew 27.0%, while extra-regional flows expanded nearly 30.0%. Intra-regional trade as a share of LatAm’s total trade with the world stands at an estimated 17.5%, slightly lower than last year’s 17.8%. Paraguay led the Mercosur regional grouping with 39.7% growth in exports, while Brazil, Uruguay, and Argentina saw their exports grow by 29.7%, 24.6%, and 24.0%, respectively. Exports by Peru grew 35.2%, Ecuador 28.8%, Bolivia 27.5%, and Colombia 21.2%, while Chile’s exports rose 38.5%. Mexico’s exports are projected to grow by a third this year. In CentAm, Nicaragua’s exports increased 30%, while Guatemala, El Salvador, Honduras, and Costa Rica grew at respective rates of 16.0%, 15.9%, 13.8%, and 9.1%.
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Embraport Gets $400m A/B Loan
Brazil’s Embraport will get an A loan from the IDB for $100m and a syndicated B loan for $300m from a group of international banks, says the IDB. The loan will be for construction, operation and maintenance of a new container and liquids terminal in the port of Santos. Embraport will also receive a separate loan from Caixa Economica Federal of Brazil, which will complete required long-term debt financing needed. Both loans will be long-term, to match the project’s repayment profile. The new terminal will ease congestion, reduce costs and allow the port to receive new, deeper-draft container ships, adds the IDB.
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Bogota Airport Gets IDB Financing
The IDB has approved a $165m loan for OPAIN, the operator of the El Dorado Airport in Bogota, to finance the airport’s modernization. Plans include the construction of a new terminal, a new control tower, a fire station, cargo infrastructure and an expanded aircraft parking area. Terms were not disclosed.
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T&T Gets IDB Loan
Tinidad and Tobago will receive a $40m loan from the IDB to improve living conditions for 50,000 people. The loan carries a 25-year term with a 6-year grace period and an interest rate based on Libor. Local counterpart financing will total $10m.
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CAF Sets Up Loan Program
Venezuela-based multilateral bank CAF has set up a loan program of $300m from which it will extend loans to member countries in cases of natural disasters. A bank spokeswoman says terms of the loans will vary on a case-by-case basis, but that they will likely have long-term tenors of more than 5 years. The size of each loan will also depend on each case.