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Daily Brief

Dec 14, 2008 Issue

Aracruz Blows Through Deadline for Derivative Talks

Brazil

Brazilian paper and pulp company Aracruz failed to come to an agreement with banks regarding a settlement over some $2.13bn in derivatives losses it incurred by taking sp...

LatAm, Brazil Equity Flows Stay Positive

Funds

Flows into the LatAm and Brazil equity funds tracked by EPFR closed the week ended December 10 on a positive note, according to the service. Brazil equity funds saw inflo...

EM Debt Funds Jump

EM debt funds rose 2.73% in the week ended December 11, posting the highest jump of all debt funds tracked by Lipper. International income funds are up 1.21% and global i...

LatAm Equities Turn Positive

LatAm equity funds turned around and this week show the best performance compared to other world equity funds, says Lipper. On the week ended December 11, LatAm funds wer...

IDB Loans $80m to Uruguay

Bonds Structured Finance

The IDB has approved a loan of up to $80m to Uruguay so it may improve its sewer service. An initial loan of $43m will be used by the country’s National Water Supply and ...

Cemex Looks to Wrap up Loan Talks

Mexico

Mexican cement maker Cemex will this week look to wrap up negotiations with banks to extend its 2009 and 2010 loan maturities by 12-24 months, say people involved in the ...

Petrobras Lands 10-Year Yen Loan

Brazil

Brazilian state-owned oil giant Petrobras has secured a JPY75bn ($750m) 10-year loan from a club of Japanese banks. The proceeds are being used to finance capital investm...

Chile’s Entel Buys Cientec

Chile

Entel, the Chilean telecom, says it is acquiring Cientec for CLP15bn ($23m), or CLP49.2 per share in cash, from private investment funds Millenium and Inversiones Balilia...

Banco BMG Goes the Way of Midcap Peers

Brazil

Banco BMG is the third Brazilian midcap bank to be downgraded by Moody’s in as many days. The bank’s rating was lowered to Ba2 from Ba1 and the outlook is stable, accordi...

Ecuador Defaults on $3.8bn in Sovereign Debt

Corporate & Sovereign Strategy

President Correa of Ecuador says he will not pay a $30.6m coupon on the sovereign’s 2012 bonds that is due today, putting the country in technical default of all of its s...

Local Economy to Bear Brunt of Default

Corporate & Sovereign Strategy

Ecuador’s economy will be the chief victim of its government’s decision to default on $3.8bn in sovereign debt, say analysts. “International banks will starting to close ...

Cemex Swap Offer Falls on Deaf Ears

Cemex says it was able to extend maturities on only $72m of its upcoming short term debt. The cement maker offered investors $500m worth of local notes in the exchange, w...