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Daily Brief

Dec 16, 2013 Issue

Bond Funds Reverse to Outflows

Funds

EM dedicated bond funds experienced $1.61bn in outflows during the week ended December 11, according to Barclays, after getting $1.54bn in net inflows the week before. Th...

Brazilian Sugar ABS Wraps Up

Brazil Bonds Structured Finance

A BRL120m ($54m) securitization of credits owed Brazilian sugar and ethanol producer Nardini Agroindustrial has priced, according to an offering document. The 6-year Gaia...

CFR Sweetens SA Bid

Chile M&A Africa

CFR Pharmaceuticals has increased its cash and stock takeover offer for South Africa's Adcock Ingram by 1.6% to ZAR12.8bn ($1.23bn), it says. The Chilean’s offer is up fr...

Eneva Streamlines Debt

Brazil Bonds

Brazil’s Eneva, the generator formerly known as MPX, has secured BRL600m ($257m) in fresh credit lines, it says, as part of a continuing restructuring. It also renegotiat...

Equity Outflow Streak Continues

Funds

EM equity funds experienced $1.95bn in outflows during the week ended December 11, according to Barclays, after $1.82bn in net outflows the week before. LatAm equity fund...

Hydro ABS Approaches Pricing

Costa Rica Bonds Loans

The Reventazon hydroelectric project sponsored by Costa Rica’s Instituto Costarricense de Electricidad (ICE) has opened bids from investors for a planned $415m cross-bord...

Masisa Ends Investor Meetings

Chile Bonds

Chile’s Masisa has ended fixed-income investor meetings ahead of a potential bond debut, with no announcements heard as of Friday afternoon. The BB rated producer of wood...

Oaxaca Set for Guaranteed Domestic Bond

Mexico Bonds

The Mexican state of Oaxaca is looking to pay 8.50%-area on a fixed-rated domestic bond scheduled to price Wednesday, according to a person familiar with the issuer’s pla...

Peru Holds Rates

Peru Economy & Policy

Peru’s central bank held rates at 4.0% at its monthly meeting. “This level of the reference rate is compatible with an inflation forecast of 2% in the forecast horizon (2...

S&P Cuts Vene

Venezuela Bonds Corporate & Sovereign Strategy

S&P has lowered Venezuela’s credit rating to B minus from B, it says, due to a “radicalization” of economic policy. The results of recent municipal elections are likely t...