A February 25 brief entitled “Camargo Syndicates BRL Jumbo” provides an incomplete listing of M&A advisors to Camargo Correa. Credit Suisse and BofA-Merrill are co-advisors to Camargo.
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Posted inDaily Brief
Jamaica Gets IDB Support
The IDB has approved a $45m in loans for Jamaica to enhance the country’s education system. A $30m loan will support improvements in school infrastructure and teacher training, while a $15m facility will be used to expand compulsory education to 18 years from 16 and to build 2 secondary schools for up to 2,100 students. The loans have a 20-year term, with a 5-year grace period on the larger and 3 years’ grace on the smaller. Another $30m loan is expected to be approved in 2012, the IDB says.
Posted inDaily Brief
Colombia Rates Stay Put
As widely expected, Colombia’s central bank left its monetary policy rate unchanged at 3.5%. The bank says annual inflation is still within the target range of 2.0%-4.0%, although it did increase to 2.1% in January from 2.0% in December. Morgan Stanley believes the bank is likely to begin hiking the rate in Q3. Bulltick sees rates unchanged until the end of the year.
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Barclays Ups Mexico GDP Forecast
Barclays has improved its forecast of 2010 GDP growth in Mexico to 5.5% from 5.0%. The change comes after the country saw a strong 8.4% quarter-over-quarter seasonally adjusted expansion in Q409, a 2.8% month-over-month gain in imports so far this month, and a still-robust outlook for manufacturing in the US, the shop says. Bank of America-Merrill Lynch (BAML) last week boosted its forecast for Mexico’s GDP growth to 4.0% in 2010, an improvement of its previous forecast of 3.0%. Goldman Sachs improved its 2010 GDP growth forecast to 5.0% from 4.2%. Mexico’s treasury last month revised upwards its GDP growth projection for 2010 to 3.9% from 3.0%.
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LatAm Equity Flows Revive
LatAm equity funds snapped a 4-week losing streak in the week ended February 24, says EPFR Global, with flows into Brazil equity funds hitting a 5-week high. Inflows to Mexican equity funds are at an 18-week high, adds the fund tracker. Meanwhile, GEM equity funds absorbed the biggest share of the $915m taken in by all dedicated EM equity funds, it adds. However, LatAm equity funds’ performance slipped 3.01% in the week ended February 25, bringing it down by 7.55% YTD, according to Lipper. EM funds were also in the red, slipping 2.45% in the week and 5.61% YTD. Global small and mid-cap funds dropped 1.14% in the week and 2.34% YTD.
Posted inDaily Brief
EM Bonds Attract Flows
EM bond funds’ inflows year-to-date moved north of $3.5bn in the week ended February 24, says EPFR Global. As for performance, EM debt funds rose 0.31% in the week ended February 25 and are up 0.79% year-to-date, Lipper data show. Meanwhile, global income funds made 0.44% in the week and are up 0.91% ytd, while international income funds have returned 0.49% in the week but lost 0.03% ytd.
Posted inDaily Brief
Mexican Group Closes Hotel Buy
Grupo Hotelero Santa Fe (GHSF), a joint venture between Mexico PE shop Nexxus Capital, Chicago PE investor Walton Street Capital and Mexican hotel operator Grupo Chartwell have acquired 3 Hilton-branded hotels in Mexico from Spain’s NH Hoteles, says Nexxus managing director Roberto Langenauer. The transaction is valued at $57m, according to Dealogic. Langenauer notes that the deal is being done with cash only. The transaction is GSHF’s first transaction and Langenauer tells LatinFinance the group is seeking opportunities to acquire more 4 and 5-star hotels in Mexico.
Posted inDaily Brief
PAE Mulls New Debt for Capex
Pan American Energy (PAE) says it might issue debt to help finance 2010 capex. The Argentine company plans to invest $1.17bn this year in its Cerro Dragon project in Chubut province, up from the $1.05bn in 2009. Of the total, $771m will go to exploration and production activities, and the remainder to enhance operations. Funds will come from the company’s cash on hand and, if necessary, from debt issuance, says the company. PAE recently received a $153m loan from the IFC to boost its balance sheet. In 2008, it raised a $200m 3-year loan with a 2-year grace period via Calyon, ABN AMRO and JPMorgan. The company is owned by British Petroleum (60%) and Argentina-based Bridas, which holds 40%.
Posted inDaily Brief
Colombiana Places MBS
Mortgage securitization company Titularizadora Colombiana has issued COP181.4bn ($93.0m) in mortgage-backed securities (MBS) due 2020. The MBS pay UVR plus 2.5%. Demand was 2.4x the amount offered. The AAA rated MBS are backed by 6,976 mortgage loans of which 55% are originated by Davivienda and 45% by Bancolombia, the company says.
Posted inDaily Brief
CFE Mandates Local Issue
Mexico’s Comision Federal de Electricidad (CFE) has named Banamex and Santander as leads on its upcoming domestic bond, according to regulatory documents. It has indicated it will sell floating-rate notes. The specific details have not been set, though the deal is expected to be a 10-year of about MXP5bn, to be placed in the next 2 months. Proceeds are earmarked for the state-owned utility’s project pipeline, though specific projects have not been determined. The transaction is rated AAA on a national scale.