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Daily Brief

Dec 23, 2009 Issue

Jamaica Gets Crime Fighting Aid

Bonds Structured Finance

The IDB has approved a $21m loan to Jamaica to finance crime prevention and strategic interventions. The loan, denominated in USD, has a 25-year term and a 4-year disburs...

Uruguay Chops Rates 175bp

Uruguay has surprised markets with a 175bp rate cut to 6.25% from 8.00% amid expectations of lower inflation. The central bank says it has narrowed its 18-month inflation...

Peru Appoints New Finance Minister

President Alan Garcia said Tuesday he has named production minister Mercedes Araoz to become economy and finance minister, replacing Luis Carranza, according to an interv...

BNDES Funds Steel Mill

Brazil

Brazil development bank BNDES has signed a BRL449m credit line for Vallourec e Sumitomo Tubos do Brasil (VSB), says the lender, BNDES said in a statement Tuesday. BNDES d...

CSN in Moody’s Firing Line

Moody's has put on review for possible downgrade CSN’s Ba1 rating, including $550m in 9.750% of 2013s, $400m in 10.500% of 2015s and $750m 6.875% of 2019s. The rating act...

Fitch Upgrades Cyrela to BB

Fitch has raised Cyrela to BB with a stable outlook from BB minus based on a conservative financial strategy to maintain liquidity, as well as a well-distributed debt mat...

Autlan Places $40m 5-Year

Mexico

Mexican mining company Compania Minera Autlan has sold $40m in 5-year bonds at 9.5% to refinance debt. The notes have 18 months’ grace and are backed by exports and inven...

Chile’s Copec Issues C Series Bonds

Chile

Empresas Copec, the Chilean fuel and forestry conglomerate, has priced UF7m ($290m) in bonds at 99.29 with a 4.00% coupon to yield 4.30%. The 21-year C series bonds have ...

Cielo Plans ADR Listing

Brazil

Cielo, the Brazilian credit card company formerly known as VisaNet, says it is looking at setting up a Level 1 ADR program. It has hired Deutsche Bank as depository agent...

Corporate Borrowers Aim to Get in Early

LatAm corporates with funding needs are looking to take advantage early in 2010. “The first quarter should be a mirror image of the fourth quarter 2009,” says a New York-...

City of BA Prices at 12.5%

The City of Buenos Aires has warmed up international capital markets with a quiet $50m sale of 12.5% amortizing notes due 2014. The B minus (S&P) Reg S private placement ...

DCM Braces for Brisk January Sales

Bonds

Issuers, investors and bankers heading are all hoping that the New Year will extend the strong DCM run of 2009. As several of the usual, and some not-so-usual, suspects p...