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Daily Brief

Dec 21, 2009 Issue

Posadas Rating Risk Eases

Mexico

S&P has removed the negative watch on the B+ rating of Grupo Posadas, the largest hotel operator in Mexico, but says the issuer faces important maturities in 2010 that co...

Colombia Keeps Rates on Hold

Colombia

As expected by the market, Colombia's central bank kept its monetary policy rate unchanged at 3.5% Friday, saying that sticking at this level will help to stimulate econo...

Jamaica Closes on IMF Pact

Caribbean

The IMF says it has reached an agreement with Jamaican authorities on key elements of a program that the IMF would support with a 27-month $1.3bn loan under a stand-by ar...

Fitch Negative on Banco KDB

Fitch has placed the BBB ratings of Sao Paulo-based Banco KDB do Brasil watch negative to reflect concerns about continued deterioration in capitalization. The agency is ...

LatAm Equity Suffers Minor Seepage

In the week ended December 16, LatAm equity funds suffered outflows, for only the second time in the past 3 months, of $5m. GEM equity funds meanwhile saw inflows of $404...

More Inflows for EM Bonds

EM bond funds remain on track for their second best year after 2005 with the latest week seeing another $522m flowing into them in the week ended December 16, says EPFR G...

Sonda Sells Local Bonds

Bonds

Chilean IT company Sonda has sold UF3.0m ($120m) in local bonds in 2 tranches. According to a DCM banker at Celfin, which managed the sale, the company sold UF1.5m in 5-y...

Eton Park Takes Independencia Stake

Mexico

Financiera Independencia, a Mexican microfinance lender to lower income individuals, has agreed to sell 70m shares at MXP10 each to US hedge fund Eton Park. The transacti...

Mexico Awards Water Treatment Contract

Mexico

Mexico has awarded a MXP9.4bn 25-year contract to build its biggest water treatment plant to a group led by IDEAL. The consortium will pay 51.66% of the cost, with the ba...

Parana Brings 2012 at Wide End

Parana Banco has closed what appears to be the last cross-border bond of the year, selling $100m in 2012 bonds at the wide end of expectations. The B+ rated Reg S notes p...

CSN Pursues Portuguese Cement

Brazil

Brazilian steelmaker CSN has launched an unsolicited $5.57bn bid for Portugal-based cement company Cimentos de Portugal (Cimpor). The price is EUR5.75 per share, a 5% pre...