Home > Boards > US Listed > Banking and Finance > Banco Bilbao Viscaya Argentaria (BBVA)

Mexican State Coahuila Refinances MXN34 Billion Debt To

Public Reply | Private Reply | Keep | Last ReadPost New MsgReplies (1) | Next 10 | Previous | Next
$UPERMAN Member Profile
 
Followed By 751
Posts 40,627
Boards Moderated 1
Alias Born 11/04/09
160x600 placeholder
Mexico's Antitrust Commission Fines Banks, Traders in Bond Probe Dow Jones News - 1/25/2021 1:46:00 PM
BBVA Research publishes its first quarter U.S. Economic Outlook PR Newswire (US) - 1/25/2021 11:14:00 AM
BBVA Completes Sale of Paraguay Unit Dow Jones News - 1/25/2021 1:52:00 AM
Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k) Edgar (US Regulatory) - 1/22/2021 3:18:36 PM
Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k) Edgar (US Regulatory) - 1/20/2021 1:15:06 PM
Julius Baer Poaches Credit Suisse Bankers to Boost Latin America Business Dow Jones News - 1/19/2021 9:38:00 AM
Project Blue Elf goes virtual as BBVA USA celebrates the holidays online PR Newswire (US) - 12/21/2020 1:50:00 PM
Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k) Edgar (US Regulatory) - 12/14/2020 2:27:29 PM
Invitation Homes closes sustainability-linked revolving credit facility, BBVA USA acts as sustainable agent & coordinator PR Newswire (US) - 12/10/2020 10:00:00 AM
BBVA Research publishes economic analysis: Labor market loses momentum, confirming need for additional stimulus PR Newswire (US) - 12/7/2020 5:08:00 PM
Tricolor Appoints Kathryn Petralia and Antonio Garza To Board of Directors GlobeNewswire Inc. - 12/7/2020 8:00:00 AM
Airbus to Deliver Radar Instrument to Thales Alenia Space Dow Jones News - 12/3/2020 1:17:00 PM
BBVA, Telefonica to Create JV in Colombia Dow Jones News - 12/3/2020 12:29:00 PM
Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k) Edgar (US Regulatory) - 11/27/2020 6:11:40 AM
Spanish Lenders BBVA and Sabadell Abandon Merger Talks -- Update Dow Jones News - 11/27/2020 5:08:00 AM
BBVA, Sabadell Ditch Merger Talks Dow Jones News - 11/27/2020 3:54:00 AM
Banco de Sabadell to Prioritize Spanish Market in New Plan Dow Jones News - 11/27/2020 2:00:00 AM
Sabadell Board Ends Talks With BBVA on Potential Merger Dow Jones News - 11/27/2020 1:30:00 AM
Sabadell Trades Higher, BBVA Lower as Merger Talks Revealed Dow Jones News - 11/17/2020 4:42:00 AM
PNC Deal Highlights Challenges of U.S. Market for European Banks -- 3rd Update Dow Jones News - 11/16/2020 5:42:00 PM
ADRs Gain Ground; Banco Bilbao Shares Up 12.6% on PNC Deal News Dow Jones News - 11/16/2020 5:20:00 PM
PNC Deal Highlights Challenges of U.S. Market for European Banks -- 2nd Update Dow Jones News - 11/16/2020 3:46:00 PM
PNC Deal Highlights Challenges of U.S. Market for European Banks -- Update Dow Jones News - 11/16/2020 2:13:00 PM
BBVA ADRs Trading Higher After News of PNC Deal and Sabadell Merger Talks Dow Jones News - 11/16/2020 1:25:00 PM
Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k) Edgar (US Regulatory) - 11/16/2020 1:24:32 PM
$UPERMAN   Friday, 09/30/11 09:28:46 PM
Re: None
Post # of 24 
Mexican State Coahuila Refinances MXN34 Billion Debt To 20 Years
Date : 09/30/2011 @ 9:08PM
Source : Dow Jones News
Stock : Banco Bilbao Vizcaya Argentaria S.A. ADS (BBVA)
Quote : 8.13 -0.39 (-4.58%) @ 8:00PM


Mexican State Coahuila Refinances MXN34 Billion Debt To 20 Years

Banco Bilbao Vizcaya Argentaria Sa (NYSE:BBVA)
Today : Friday 30 September 2011
Mexican private-sector banks have reached an agreement to refinance 34 billion pesos ($2.45 billion) in debt owed by the northern state of Coahuila, which revealed in August that its debt obligations had ballooned well-beyond market assumptions.

Grupo Financiero Banorte SAB (GBOOY, GFNORTE.MX), one of Coahuila's creditors, issued a press release late Friday celebrating the deal as a step toward greater austerity and transparency on the part of Coahuila.

Coahuila surprised markets when it admitted in August that it owed MXN34 billion, four times more than the debt level it had previously divulged. About a third of that debt was due for payment in the near term.

The revelation prompted both Standard & Poor's and Fitch Ratings to slash Coahuila's local credit rating to triple-B-minus from single-A-plus.

Also in August, Deputy Finance Minister Gerardo Rodriguez alerted market participants that local governments had MXN50 billion in off-the-books debt that is not guaranteed by tax collections, and that about half of that debt belonged to Coahuila.

The statement issued Friday offered slim details on the new loan terms, apart from saying that Coahuila is expected to pay the credit back in 20 years and that it will also be charged refinancing costs.

The lenders have created a trust through which the payments will be issued, while also linking payments to a share of Coahuila's tax receipts from the federal government.

The refinancing deal implies a commitment to "discipline, transparency and accountability" on Coahuila's part, while also laying out ways the state can increase income and lower expenses, the statement said.

BBVA Bancomer, a unit of Spain's Banco Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC) and Mexican financial group Multiva also participated in the refinancing pact.

-By Amy Guthrie, Dow Jones Newswires; (5255) 5980-5177; amy.guthrie@dowjones.com




MY OPINION COULD CHANGE WITHOUT NOTICE!!!
Public Reply | Private Reply | Keep | Last ReadPost New MsgReplies (1) | Next 10 | Previous | Next
Follow Board Follow Board Keyboard Shortcuts Report TOS Violation
X
Current Price
Change
Volume
Detailed Quote - Discussion Board
Intraday Chart
+/- to Watchlist
Consent Preferences