Latin Finance - November/December 2009 - 14

Structured Finance Race to the Start Line securitization of residential property titles is in the works. Mexico-based executives say the transaction is being structured by MBIA and a deal through Banamex and HSBC was expected Mexican bankers are racing to put together a new series of to be registered. US government-owned agency OPIC is structured deals that aim to channel substantial captive local participating and a 20-year tenor was rumored. funds into essential long-term infrastructure projects. The new “It will be good to have a price for 20-year money,” says a certificados de capital de desarollo (CCDs) give Mexico’s pension funds the ability to invest in debt instruments that provide equity local markets participant. People familiar with the structure say it has never been done before in Mexico but could be replicated. upside. Edomex finance secretary Raul Murrieta Cummings declines to “This is probably the most important change in the Mexican comment on the specifics. financing market that we’ve seen recently,” Mexico’s head of Elsewhere, the transportation public credit Gerardo Rodriguez tells bureau of Colombia’s capital city has LatinFinance. Structured Rank by Volume, Year to October 19 issued a series of bonds backed by Credit Suisse, which crafted the Citi hits the top in low volume year future budgeted payment streams first such trade in a 2008 o ering – the second in a series of up to for AGSA, was heard in mid-October Rank Bookrunner Value $m # deals four o erings. In early September, to be close to landing follow-up 1 Citi 732.14 8 a trust managing the finances of o erings for Wamex and Macquarie, 2 Banco de Valores 631.46 41 Bogotá public transportation system and HSBC is brewing an o ering for 3 BBVA 575.75 2 Transmilenio sold 323 billion pesos Grupo House and Geo Maquinaria. 4 Nacion Argentina 397.39 1 in domestic bonds denominated in Meanwhile, Marhnos 5 Ixe Casa de Bolsa 386.15 5 the UVR unit. Infraestructura was expected to 6 HSBC 356.75 8 The issuer placed 63 billion pesoplace up to 2 billion pesos in 207 Corficolombiana 259.51 1 equivalent in 2013 bonds at a fixed 30-year paper through Ixe , while 8 WestLB 225.00 2 interest rate of 4.93%, 87 billion Tres Marías, which does residential peso-equivalent in 2016s at 5.95%, development in Michoacan state, 9 Correval 207.02 2 and 173 billion peso-equivalent was heard planning a 1 billion peso 10 ING 185.99 1 in 2017s at 6.18%. Proceeds will 20-30-year issue that should price in Subtotal 3,957.15 67 finance partial construction of 14 January or February, also through Total 5,532.58 102 kilometers of roads connecting the Ixe. Bankers say that the first deals Source: Dealogic bus system to Bogotá’s main airport, will get best terms and say that the as well as a 7.7 kilometer extension supply of capital for such projects is of the network in downtown Bogotá. Citivalores and Alianza fairly limited. Some worry that a CCD bubble is forming. The first sale to make it out of the gate under a new regulatory Valores managed the AAA sale, which is the second of four ABS deals planned through February 2010, expected to total 1.4 structure comes from ICA and Goldman Sachs Infrastructure trillion pesos. LF Partners, sponsors of the first FARAC tollroad concession. On October 4, the duo raised 6.55 billion pesos by issuing CCDs Most Read on the Web through a trust that holds shares in the concession and whose 30 days to October 15 own shares are quoted on the Bolsa. Investors buying the CCDs, priced at 77 pesos per unit, receive 1 Itaú Unibanco Plots International Expansion a share of the flows of revenue after the debt is serviced. The 2 JPM Set to Lose DCM/ECM Crown instruments may not yield these flows in the first few years, a 3 Carlyle Mexico MDs Launch New Venture banker on the deal explains. But once the debt is paid, investors will start to see bigger returns. Additionally, ICA and Goldman 4 Private Equity Bounces Back plan to add about 1.6 billion pesos and 400 million pesos, 5 Santander Opts for Quality in Jumbo IPO respectively, in new equity through the subscription of new A 6 Santander Chases Bradesco Valuation series shares. 7 BofA-Merrill Loses LatAm COO “This is sending a message that they are not pulling out,” says a banker on the deal, emphasizing that proceeds are going 8 HSBC Hires Former Merrill M&A Banker towards paying debt, not repaying shareholders. Following the 9 Brazil Sponsor Reignites Project Syndications deal, Goldman will own 54.5% of the trust, ICA 13.6% and the 10 Santander Brazil IPO Flops CCD holders 31.7%, ICA says. Santander and Goldman managed the transaction. Source: www.latinfinance.com State Security Asset backed issuance of all kinds, even RMBS, is becoming more frequent in the local markets as corporates and governments resume funding activities. In the State of Mexico, a novel 14 LATINFINANCE November/December 2009 UPDATE > For daily news on structured finance, see www.latinfinance.com
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Latin Finance - November/December 2009

Table of Contents for the Digital Edition of Latin Finance - November/December 2009

Latin Finance - November/December 2009
Contents
Latam-China Flows
Petrobras Interview
Best Boutiques
Banks of the Year 2009
Itau Unibanco Interview
Mexico: How to Capitalize on Crisis
Colombia: Local Shop Repels Foreign Pretenders
Chile: Pefecting the Art of Retail
El Salvador: A Foreign-owned Bank Dominates
Infrastructure & Energy Awards
Private Equity Fundraising
Latin Finance - November/December 2009 - Latin Finance - November/December 2009
Latin Finance - November/December 2009 - Cover2
Latin Finance - November/December 2009 - Contents
Latin Finance - November/December 2009 - 2
Latin Finance - November/December 2009 - 3
Latin Finance - November/December 2009 - 4
Latin Finance - November/December 2009 - 5
Latin Finance - November/December 2009 - 6
Latin Finance - November/December 2009 - 7
Latin Finance - November/December 2009 - 8
Latin Finance - November/December 2009 - 9
Latin Finance - November/December 2009 - 10
Latin Finance - November/December 2009 - 11
Latin Finance - November/December 2009 - 12
Latin Finance - November/December 2009 - 13
Latin Finance - November/December 2009 - 14
Latin Finance - November/December 2009 - 15
Latin Finance - November/December 2009 - 16
Latin Finance - November/December 2009 - 17
Latin Finance - November/December 2009 - Latam-China Flows
Latin Finance - November/December 2009 - 19
Latin Finance - November/December 2009 - 20
Latin Finance - November/December 2009 - 21
Latin Finance - November/December 2009 - 22
Latin Finance - November/December 2009 - 23
Latin Finance - November/December 2009 - Petrobras Interview
Latin Finance - November/December 2009 - 25
Latin Finance - November/December 2009 - 26
Latin Finance - November/December 2009 - 27
Latin Finance - November/December 2009 - Best Boutiques
Latin Finance - November/December 2009 - 29
Latin Finance - November/December 2009 - 30
Latin Finance - November/December 2009 - 31
Latin Finance - November/December 2009 - Banks of the Year 2009
Latin Finance - November/December 2009 - 33
Latin Finance - November/December 2009 - 34
Latin Finance - November/December 2009 - Mexico: How to Capitalize on Crisis
Latin Finance - November/December 2009 - 36
Latin Finance - November/December 2009 - 37
Latin Finance - November/December 2009 - 38
Latin Finance - November/December 2009 - Colombia: Local Shop Repels Foreign Pretenders
Latin Finance - November/December 2009 - Chile: Pefecting the Art of Retail
Latin Finance - November/December 2009 - 41
Latin Finance - November/December 2009 - 42
Latin Finance - November/December 2009 - El Salvador: A Foreign-owned Bank Dominates
Latin Finance - November/December 2009 - 44
Latin Finance - November/December 2009 - 45
Latin Finance - November/December 2009 - 46
Latin Finance - November/December 2009 - 47
Latin Finance - November/December 2009 - 48
Latin Finance - November/December 2009 - 49
Latin Finance - November/December 2009 - Infrastructure & Energy Awards
Latin Finance - November/December 2009 - 51
Latin Finance - November/December 2009 - 52
Latin Finance - November/December 2009 - 53
Latin Finance - November/December 2009 - 54
Latin Finance - November/December 2009 - Private Equity Fundraising
Latin Finance - November/December 2009 - 56
Latin Finance - November/December 2009 - Cover3
Latin Finance - November/December 2009 - Cover4
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