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Daily Brief

Dec 19, 2008 Issue

LatAm Growth Seen Slowing to 1.0%: IIF

The Institute for International Finance forecasts that GDP growth in LatAm will slow to 1.0% next year, down from an estimated 4.5% growth in 2008. Exports are expected t...

Remittances Grow in DomRep and Guatemala

Central America

Remittances to DomRep are expected to rise 5.0% in 2008 to almost $3.2bn. Remittances to Guatemala, meanwhile, are expected to increase slightly to $4.28bn in 2008 from $...

Moody’s Sees Guatemala Deterioration

Central America

Moody’s has cut the outlook on Guatemala’s ratings to stable from positive. The affected ratings are the Ba2 foreign currency rating, Ba1 country ceiling for foreign curr...

Fitch Trims Argentina Local Rating

Argentina

Fitch has downgraded Argentina’s long term local currency rating to B minus from B, reflecting the country’s increased risk in meeting fiscal and external financing needs...

Conduit Exits Mexico Asset

Funds

Regional infrastructure private equity specialist Conduit Capital Partners has completed the sale of the Libramiento natural gas compression facility and an associated 65...

Usiminas to Buy Steel Pipe Maker

Brazil

Usiminas has agreed to acquire steel pipe manufacturer Zamprogna for BRL160m. The deal is expected to close in February. As of September 30, Zamprogna’s working capital a...

Citi Chops Mexico Equity, Tips LatAm Bounce

Mexico

Citi is cutting Mexico equity to underweight from neutral and adding to an overweight in Chile, while also projecting dollar-adjusted returns of 41% in LatAm stocks next ...

Vivo Plans Short Debentures

Brazil

Brazilian mobile phone company Vivo Participacoes is planning an issue of BRL210m in non-convertible 1-year debentures. The deal will price at 113.55% of DI and mature Ja...

IDB Lends $500m to Costa Rica

Bonds Structured Finance

The IDB has approved a $500m loan for Costa Rica. The funds will help the country’s central bank extend lending in dollars to local financial institutions so that they ca...

Banco General Perp Sale Takes Off

Panama

Panama’s Banco General has sold a $10m piece out of $250m in dollar-denominated 6.5% coupon perpetual bonds in the local market, says a source at the bank. The perps are ...

Castano Departs UBS DCM

Bonds

Antonio Castano, executive director in the LatAm DCM group, has left UBS, according to a source at the company. Castano, a former deputy general director of public credit...

Ecopetrol to Invest $6.2bn in 2009

Ecopetrol says it will invest $6.2bn in 2009, a 35% increase from its capex in 2008, when it spent $4.6bn. Out of the total, $214m corresponds to projects already underwa...

Cabei Taps TWD

Bonds Structured Finance

Cabei priced this week a TWD1.3bn ($40m) 2-year fixed rate bond in the local Taiwan market at par to yield 2.60% from a TWD7bn program. The transaction followed investor ...

Endesa Goes Long in UF

Chile

Chile’s state-owned electricity company Endesa has issued $332m equivalent (UF10m) in 21-year inflation linked 4.75% coupon bonds at 99.33 to yield 4.81%. The issuer was ...

Cencosud Keeps Chile Bonds on Ice

Chile

Chilean retail conglomerate Cencosud has put a bond issuance on hold, a company spokeswoman tells LatinFinance. “The company filed to issue the bonds, but there are no pl...

Mexico Dazzles With Surgical Strike

Mexico

Mexico has cracked open the international bond markets for EM issuers with a tightly priced $2bn 10-year benchmark that takes out much of 2009 funding needs. The surprise...