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Daily Brief

Dec 17, 2013 Issue

Aval Opens Follow-on

Colombia Equity

Colombia’s Grupo Aval has opened the subscription period for an equity follow-on targeting COP2.41trn ($1.25bn), according to regulatory documents. The financial group is...

Harvest Exits Venezuela

Venezuela M&A

Harvest Natural Resources has agreed to sell its 32% Venezuela’s Petrodelta in Venezuela to Argentina’s Petroandina for a total of $400m, it says. In the two-step deal co...

Holders “Positive” on Lupatech Plan

Brazil Corporate & Sovereign Strategy

Lupatech has received “manifestation of positive support” for its restructuring plan from a bondholder group, it says. The group represents 22.4% of the struggling oil pa...

Infra PE Investment Reaches Record: LAVCA

Funds

Private equity investors are expected to commit more than $3.5bn, a record amount, to infrastructure-related deals in Latin America in 2013, according to Latin American P...

Minerva Moves to Double-B Territory

Brazil Corporate & Sovereign Strategy

Fitch has upgraded Minerva to BB minus from B+, it says, based on an improving credit profile and a strengthening in the Brazilian beef sector. The transaction agreed las...

Pemex Revolver Draws 20-plus

Mexico Loans

Pemex has closed a $1.25bn 3-year revolver, with 16 banks joining the six leads, according to people familiar with the terms. Bookrunners Citi, Credit Agricole, HSBC, Miz...

Road Operator Completes International Placement

Mexico Bonds

OHL Mexico’s Concesionaria Mexiquense (Conmex) road concession has priced MXP18.78bn-equivalent ($1.45bn) in inflation-linked international bonds through a private placem...

Saieh Steps in at SMU

Chile People

SMU approved the appointment of controller Alvaro Saieh as president, the Chilean supermarket operator says, a move aimed at bolstering investor confidence. The billionai...

Vale Markets Infra Debentures

Brazil Bonds

Vale has joined the growing group of high-quality Brazilian issuers taking advantage of the country’s infrastructure debenture legislation, and was scheduled to begin mee...

Vene Dropped Again

Venezuela Corporate & Sovereign Strategy

Venezuela has seen another rating downgrade, this time to Caa1 from B2 by Moody’s. “Venezuela is facing increasingly unsustainable macroeconomic imbalances, including a s...

YPF Issues Maximum on Strong Bid

Argentina Bonds

Argentina’s YPF has sold $500m in 5-year bonds, upsizing from $300m its second international bond deal since nationalization, thanks to about $2bn demand. The government-...