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Daily Brief

Dec 17, 2008 Issue

Cement Giant Gains Consent

Cemex has received consent from a majority of its main bank lenders to amend or waive leverage covenants on some $12.2bn in syndicated loans and well over $3bn in bilater...

Cap Cana Offers Bondholders New Security

Cap Cana, the high end Dominican real estate development, is offering some investors the chance to exit its 2013 9.625% notes, of which there is some $250m outstanding. T...

CAF Returns to Colombia Debt

Bonds Structured Finance

CAF has returned to Colombia’s local market with an oversubscribed bond issue at apparently attractive levels. It issued Tuesday COP245bn ($110m) total, split between an ...

Argentine Beer Bonds Lose Fizz

Bonds

Bonds from Argentine brewer Cerveceria y Malteria Quilmes have come off sharply over the last week, more because of Argentine risk in general than anything credit specifi...

Mexico Train Operator Upsizes HY Notes

Kansas City Southern has priced a $190m issue of senior notes due 2013 with a 13% coupon to yield 16.5%. The deal through Morgan Stanley was upsized from $175m. Proceeds ...

Colombian Cowboys Go Public

Equity

A group of Colombian cattle ranch and agricultural land owners are close to pricing Colombia’s first IPO in a year. Medellin-based Fondo Ganadero (Fogansa) aims to finali...

Vale Takes African Copper Assets

Vale says it will buy a 50% stake in the subsidiaries of African mining exploration holding company Teal Exploration for CAD81m, which will be taken private for CAD3 per ...

Gigante Sells Radio Shack Stake

Mexico

Grupo Gigante has sold its stake in Radio Shack to Tandy for MXP563.2m after the two did not reach an agreement on how to expand the chain in LatAm. Proceeds from the sal...

Gold Target Fends Off Bidder

Gold Reserve is fighting off an unsolicited offer from Rusoro Mining, citing a conflict of interest at Rusoro advisor Endeavour Financial. The potential target alleges th...

Ecuador Seen Pushing for Harsh Haircut

Corporate & Sovereign Strategy

Moody's has downgraded Ecuador to Ca with a developing outlook from Caa1 on review for possible downgrade and expects significant losses for bondholders. "The new Ca rati...

Fitch Downgrades EDC

Fitch has cut Venezuela’s EDC to B+ from BB minus, including $650m in senior unsecured notes due 2018 and $260m of notes due 2014 to B+ from BB minus. The cut is due to i...

Moody's Flags Growing IUSA Risk

Moody's has cut Industrias Unidas’ (IUSA) $200m in guaranteed senior unsecured notes due 2016 to Caa2 from Caa1 and also downgraded the corporate family rating to Caa1 fr...

Moody’s Upgrades Argentine Insurer

Moody’s has upgraded the financial strength rating of Sancor Seguros and subsidiary Prevencion ART to A1.ar from A2.ar and affirmed their global local currency ratings at...

Cemex Pays up to Extend Loans

Mexico

Mexico’s Cemex is paying a significant premium to term out as much as $4.7bn in loans by 1-2 years, following downgrade to junk amid looming nearby debt maturities. The r...