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Daily Brief

Dec 17, 2012 Issue

BB Orders More Dim Sum

Brazil Asia Bonds

Banco do Brasil has returned to the Dim Sum bond market, for a CNH300m ($48m) private placement. The Brazilian lender priced the 2015 bond at par with a 3.98% coupon. Ban...

BR Malls Gets Lift

Brazil Corporate & Sovereign Strategy

Fitch has upgraded BR Malls’ rating to BB+ from BB, with a stable outlook. The agency cites the Brazilian shopping center operator’s reliable cash flows from its malls, a...

Desenvix Sells Local Bond

Brazil Bonds

Desenvix has raised BRL100m ($48m) in Brazil’s domestic bond market, according to regulatory documents. The 2016 debenture pays the DI+2.8%, in line with expectations. Th...

EM Debt Inflows Continue

Funds

EM dedicated bond funds saw $1.6bn of inflows during the week ended December 12, according to EPFR. In terms of performance, the asset class was up 0.20% during the week ...

EM Equity Funds Take in Net Flows

Funds

EM equity funds saw $5.32bn in net inflows and LatAm equity funds had $152m in net inflows during the week ended December 12, according to EPFR. In terms of performance, ...

ENAP Goes on the Road

Chile Bonds

ENAP has started a roadshow for a local market issue of $300m-equivalent, according to sources familiar with the Chilean state-owned oil company’s plans. It is expected t...

Exclusive: Videgaray Spells out Reform Agenda

People Corporate & Sovereign Strategy Mexico

Mexico’s new finance minister Luis Videgaray says he is confident political consensus now exists to shake up state oil company Pemex and overhaul the country’s fiscal reg...

Gruma Buys Stake from ADM

Mexico M&A

Mexico's Gruma has purchased a $450m package of its shares and shares in its subsidiaries from Archer Daniels Midland (ADM), it says. The deal is the result of Gruma acti...

KOF Goes to Asia

Mexico Asia M&A

Coca-Cola Femsa (KOF) has agreed to pay $689m to buy 51% of Coca-Cola Bottlers Philippines from Coca-Cola, it says, in the Mexican bottler’s first buy outside of LatAm. I...

Moody’s Cuts PDG

Brazil Corporate & Sovereign Strategy

Moody’s has dropped PDG Realty’s rating to Ba3 from Ba2, it says. The downgrade reflects the significant deterioration in the Brazilian homebuilder’s credit metrics over ...

NII CEO Steps Down

People Corporate & Sovereign Strategy

Steven Dussek has resigned as CEO if NII Holdings, the operator of Nextel in LatAm, the company says. He leaves “to persue other opportunities.” Chairman Steven Shindler ...

Sodimac Plans Issue

Chile Bonds

Sodimac will soon look to issue UF2.5m ($121m) in the domestic bond market, say people familiar with the plans of the home improvement unit of Chilean retailer Falabella....

YPF Pushes Back Bond Sale

Argentina Bonds

YPF plans to price Tuesday up to ARP4bn ($821m) in domestic bonds, it says, a transaction that can be upsized to ARP4.5bn. The sale had been originally expected to price ...