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Daily Brief

Dec 16, 2008 Issue

S&P Predicts 0%-30% Ecuador Recovery

Andean

S&P has cut Ecuador to SD from CCC minus and predicts scant payback for investors still holding sovereign bonds. “The recovery rating on the global 2012s and global 2030s...

Other Sovereigns Unlikely to Follow Ecuador

Corporate & Sovereign Strategy

Despite concerns that an Ecuador default sets a dangerous precedent for other sovereigns whose willingness rather that ability to pay is in question, analysts do not expe...

Fitch Chops Venezuela to Single B

Fitch has downgraded Venezuela to B+ (stable) from BB- amid increased risk of financial and economic crisis due to a tenuous macro policy framework and concerns that a ti...

Chile to Ease Rates in 2009

Chile

Chile is expected to begin easing rates in 2009 as GDP growth slows and inflation drops in tandem with the price of commodities. For the past three months it has kept rat...

Argentina Plans Infrastructure Boost

Argentina

Argentina’s secretary of public works, Jose Francisco Lopez, says that the government will invest up to ARP57bn in 2009 in infrastructure as a countercyclical measure to ...

LatAm Equities Seen Recovering in 2009

LatAm equities are poised for a 39% rally next year, according to Merrill Lynch. The shop predicts the region’s 7.0x 12-month forward P/E ratio, an 8.6% discount to other...

Barcap Looks to Build Brazil M&A

M&A

Barclays is heard to be on the lookout for a Brazil-based M&A banker, according to Sao Paulo-based executives. Barclays’ primary focus in the region has been debt markets...

AngloGold Takes Brazil Gold Miner

Brazil

South Africa’s AngloGold Ashanti has purchased Sao Bento Gold in Brazil from Eldorado Gold for $70m. The buyer issued some 2.7m shares to pay for the target. The legal ad...

Rusoro Pursues Gold Reserve

Gold Reserve, a US miner operating in Venezuela, says Rusoro Mining has made an unsolicited offer to acquire it. Rusoro, a Canadian miner also in Venezuela, is offering t...

Peru Meets Investors, Plans Second Tour

Peru

Peru is meeting investors on a non-deal roadshow in the US and Europe that precedes a Middle East and Asia tour scheduled to take place in January, a government source te...

Titularizadora Colombiana Readies MBS

Colombia

Colombian securitization shop Titularizadora Colombiana will Wednesday start selling some COP390bn ($178m) in 10-year notes backed by mortgages issued by BBVA, BCSC, Banc...

Brazil’s Mercantil Buying Back Bonds

Brazil

Brazil’s Banco Mercantil is buying back up to $100m in face value of its 8.5% of 2010 bonds through a modified Dutch auction. The minimum price is 85 and the auction expi...

German Firm Buys VW Brazil Unit

Brazil

German vehicle manufacturer MAN Group is acquiring Brazil-based VW Truck & Bus from Volkswagen for EUR1.175bn enterprise value. MAN, in which VW has a 30% voting stake, i...