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Daily Brief

Dec 18, 2008 Issue

IDB Lends $2bn to Mexico

Bonds Structured Finance

The IDB has approved a $2bn credit line for Mexico to help it reduce poverty levels. An initial loan of $200m within the conditional credit line for investment projects w...

Kinross Buys Chile Miner

M&A

Kinross Gold says it has completed the acquisition of a 40% interest in Minera Santa Rosa from subsidiaries of Anglo American for $140m in cash. It is buying the other 60...

Telefonica Pursues Remaining CTC Shares

Funds

Spain’s Telefonica, which already owns a 96.75% stake in Chile’s CTC, is offering to buy the 31m shares it does not already own in the company and is extending its offer ...

UBS Raises Gol, Like Airlines

Brazil

UBS has upgraded Brazil’s Gol equity to a buy following a broadly bullish review of the LatAm airline sector. Copa is the shop’s top pick and it also maintains buy recomm...

Fund Managers Pull Back from Brink

Buyside sentiment has stepped back from the brink of despair, but more than a third of investors want to see greater fiscal stimulus, according to Merrill Lynch’s latest ...

TGN May Default by Year-End: Fitch

Corporate & Sovereign Strategy

Argentina’s Transportadora de Gas del Norte (TGN) may default by the end of the year, according to Fitch, which cut the credit to C from CCC and senior unsecured notes du...

Fitch Chops Trump Bonds

Fitch has downgraded the rating of Newland International Properties’ $220m senior secured notes to B+ from BB. Newland is developing the Trump Ocean Club International Ho...

Colombia to Ease Rates in 1Q09

Colombia

Colombia’s central bank is likely to keep the monetary policy rate unchanged at 10% on Friday, although some shops believe a cut is already due. Credit Suisse LatAm econo...

Chile Outlook Still Stable, Says S&P

Chile

Despite creeping concerns about the copper-heavy sovereign, S&P has affirmed its A+ rating on Chile and maintains a stable outlook. "Chile has the highest sovereign ratin...

ENAP Plots Bond Return

Chile

Chilean state-owned oil and gas utility ENAP has received pitches from bankers for a $500m bond of up to 10 years maturity. Those who participated in the RFP process say ...

Brazil’s Mercantil Retires 2010 Bonds

Brazil

Brazil’s Banco Mercantil has repurchased $23.451m of the up to $100m face value of its 8.5% of 2010 bonds that it was targeting through modified Dutch auction. The deal c...

Barbados Reported Seeking Jumbo Funding

Barbados is seeking to raise funds that could amount to 13% of GDP, according to local press. The sovereign needs $500m to pay off debt, says Barbados’ Nation News, which...

CAF Takes Ecuador Hit

Corporate & Sovereign Strategy

S&P has slapped a negative outlook on CAF’s A+/A-1 rating amid concerns about exposure to Ecuador, which is in default, as well as Venezuela and Argentina. "We revised th...

JPMorgan Merges ECM and DCM

JPMorgan has brought its LatAm capital markets origination team under a single group to be headed by Roberto D’Avola, executive director formerly in charge of LatAm equit...