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Daily Brief

Dec 13, 2010 Issue

Arezzo to Go Public

Brazil Equity

Arezzo Industria e Comercio is planning an IPO for next year, according to regulatory filings. The Brazilian maker of women’s shoes does not indicate timing or size of th...

Brazil’s 2040 Most Frequently Traded - EMTA

Bonds

EM debt trading volumes increased to $1.95trn in Q3 2010, according to EMTA. This represents an increase of 74% compared to Q3 2009’s $1.129bn, and a 26% increase over th...

Clisa Builds $120m New Bonds

Argentina Bonds

Clisa has issued $120m in new 2016 bonds, to offer in an exchange for existing 2012 bonds, and to raise additional funds. Holders of $92.70m (92.70%) of the Argentine inf...

CSN Shops in Spain

Brazil M&A

Brazil steelmaker CSN says it has signed an MoU to acquire 3 companies from Spain's Grupo Alfonso Gallardo for EUR352m, with an additional EUR30m in working capital adjus...

EM Bonds On Outflow Streak

Funds

EM bond funds recorded their first three-week outflow streak since Q1 2009 in the week ended December 8, says EPFR Global. The outflows from EM bond funds again centered ...

Embraport Gets $400m A/B Loan

Bonds Structured Finance Brazil

Brazil's Embraport will get an A loan from the IDB for $100m and a syndicated B loan for $300m from a group of international banks, says the IDB. The loan will be for con...

Fitch Chops Javer to B Minus

Mexico Corporate & Sovereign Strategy

Fitch has chopped the ratings of Mexico-based homebuilder Javer to B from B minus. The outlook is stable. The downgrade reflects Javer's increased leverage as a result of...

Flows Keep Coming to EM Equities

Equity Funds

In the week ended December 8, EM equity funds pushed deeper into record setting territory as year-to-date inflows moved within striking distance of the $90bn mark, EPFR G...

LatAm Exports Seen Growing 29%

Bonds Structured Finance Economy & Policy

The IDB forecasts that LatAm's exports will have increased by 29.0% in 2010 to around $853.0bn. A year earlier they had dropped 23.0%. Intra-regional exports grew 27.0%, ...

Petrobras Reported in ETH Pursuit

Brazil M&A

Petrobras has made an offer of about BRL3bn for 40% of ethanol producer ETH in an effort to become a leader in biofuels, says Reuters, which cites a report in Folha de Sa...

Posadas Takes Rating Hit

Mexico Corporate & Sovereign Strategy

Moody’s cut its rating for Mexico-based hotel chain Posadas to B3 from B2, with a negative outlook. According to the ratings agency, the move reflects the company’s limit...

Sinopec Buys Oxy's Argie Assets

Argentina China M&A

Sinopec, a subsidiary of China Petrochemical Corp, is buying the Argentine oil and gas assets of US-based Occidental Petroleum (Oxy) for about $2.5bn in after-tax proceed...