RIO DE JANEIRO, March 31 (Reuters) - Brazil's state-controlled electricity company Eletrobras on Wednesday proposed giving equal treatment to holders of common and preferred shares for its 2009 dividend payment in a move aimed at boosting transparency.
Eletrobras (ELET6.SA) has for years set aside the equivalent of 6 percent of shareholder equity to pay dividends for holders of its preferred stock.
It will now set aside an equivalent amount for dividends for common shares, which are mostly held by Brazil's government, helping Eletrobras trim tax debts, Eletrobras Finance Director Astrogildo Quental said in an interview.
Wednesday, March 31, 2010
Thursday, March 18, 2010
Brazil posts record tax revenue for a February
Brazil posts record tax revenue for a February
* Economic growth boosts tax collections
* 2010 tax income expected to grow 12 percent
BRASILIA, March 18 (Reuters) - Brazil's tax revenue soared to a record for the month of February on the back of a fast-growing economy and will grow 12 percent this year, the government said on Thursday.
Tax income, adjusted for inflation, jumped to 53.5 billion reais ($29.8 billion) in February, an increase of 13.23 percent over February last year, data from Brazil's national tax authority showed.
In January, tax revenues had totaled 73.6 billion reais.
* Economic growth boosts tax collections
* 2010 tax income expected to grow 12 percent
BRASILIA, March 18 (Reuters) - Brazil's tax revenue soared to a record for the month of February on the back of a fast-growing economy and will grow 12 percent this year, the government said on Thursday.
Tax income, adjusted for inflation, jumped to 53.5 billion reais ($29.8 billion) in February, an increase of 13.23 percent over February last year, data from Brazil's national tax authority showed.
In January, tax revenues had totaled 73.6 billion reais.
Tuesday, March 16, 2010
Banco Bradesco Launches $750M 5Yr Bond;175 BPs Over Treasurys
Banco Bradesco Launches $750M 5Yr Bond;175 BPs Over Treasurys
NEW YORK (Dow Jones)--Banco Bradesco (BBD), Brazil's second-largest private bank, launched a $750 million, five-year-bond deal Tuesday, offering a premium of 175 basis points over comparable U.S. Treasury notes, according to a person familiar with the deal.
The bonds are rated Baa2 by Moody's and BBB by Standard & Poor's.
NEW YORK (Dow Jones)--Banco Bradesco (BBD), Brazil's second-largest private bank, launched a $750 million, five-year-bond deal Tuesday, offering a premium of 175 basis points over comparable U.S. Treasury notes, according to a person familiar with the deal.
The bonds are rated Baa2 by Moody's and BBB by Standard & Poor's.
Monday, March 15, 2010
Petrobras Will Raise Up to $60 Billion in Share Issue
Petrobras Will Raise Up to $60 Billion in Share Issue
March 15 (Bloomberg) -- Petroleo Brasileiro SA, Brazil’s state-run oil company, will issue as much as $60 billion of new stock, most of which will go to the government in exchange for oil rights, Energy Minister Edison Lobao said.
“Petrobras has no funding problems,” Lobao told reporters today in Sao Paulo. He said the company will issue between $40 billion and $60 billion of new stock. “The share sale will help us to diversify our funding sources.”
March 15 (Bloomberg) -- Petroleo Brasileiro SA, Brazil’s state-run oil company, will issue as much as $60 billion of new stock, most of which will go to the government in exchange for oil rights, Energy Minister Edison Lobao said.
“Petrobras has no funding problems,” Lobao told reporters today in Sao Paulo. He said the company will issue between $40 billion and $60 billion of new stock. “The share sale will help us to diversify our funding sources.”
Banco Bradesco to Sell Benchmark Dollar Bond Overseas
Banco Bradesco to Sell Benchmark Dollar Bond Overseas
March 15 (Bloomberg) -- Banco Bradesco SA, Brazil’s second- largest lender by market value, plans to sell benchmark dollar bonds in its second overseas debt issue since September, said a person familiar with the transaction.
Goldman Sachs Group Inc., Banco Bradesco and Banco Votorantim will arrange the five-year bond offering, said the person, who declined to be identified because terms aren’t set. A benchmark sale typically means at least $500 million in size. The Osasco, Brazil-based bank sold $750 million of 10-year notes in September.
Banco Bradesco is returning to international bond markets after the company’s borrowing costs tumbled. The yield on Bradesco’s 6.75 percent bonds due in 2019 sank 44 basis points since September to 5.94 percent, the lowest since the securities were issued, according to data compiled by Bloomberg.
Brazil's Eletrobras to invest $5.1 bln in 2010 | Reuters
UPDATE 1-Brazil's Eletrobras to invest $5.1 bln in 2010
SAO PAULO, March 15 (Reuters) - Brazilian state-owned power utility Eletrobras (ELET6.SA) will boost investment by about two-thirds this year mainly for the some of the largest hydropower dam and electricity transmission projects in the nation, the company's chief executive said on Monday.
Eletrobras, Latin America's largest power holding utility, plans to increase investment to 9 billion reais ($5.1 billion) this year from 5.4 billion reais in 2009, CEO Jose Antonio Muniz said. Investments would total around 15 billion reais for 2011-2012, excluding new projects in which the company could take part, he added.
SAO PAULO, March 15 (Reuters) - Brazilian state-owned power utility Eletrobras (ELET6.SA) will boost investment by about two-thirds this year mainly for the some of the largest hydropower dam and electricity transmission projects in the nation, the company's chief executive said on Monday.
Eletrobras, Latin America's largest power holding utility, plans to increase investment to 9 billion reais ($5.1 billion) this year from 5.4 billion reais in 2009, CEO Jose Antonio Muniz said. Investments would total around 15 billion reais for 2011-2012, excluding new projects in which the company could take part, he added.
Friday, March 5, 2010
Mantega Says Brazil Currency Situation Not ‘Ideal’
Mantega Says Brazil Currency Situation Not ‘Ideal’
March 5 (Bloomberg) -- Brazilian Finance Minister Guido Mantega said today the country’s currency situation isn’t “ideal,” signaling the government may step up interventions in the market as it seeks to temper the real’s gains.
“We have a relatively stable situation now,” Mantega said today in a speech from Sao Paulo. “It’s not an ideal situation. We haven’t resolved the competitiveness issue.”
March 5 (Bloomberg) -- Brazilian Finance Minister Guido Mantega said today the country’s currency situation isn’t “ideal,” signaling the government may step up interventions in the market as it seeks to temper the real’s gains.
“We have a relatively stable situation now,” Mantega said today in a speech from Sao Paulo. “It’s not an ideal situation. We haven’t resolved the competitiveness issue.”
Wednesday, March 3, 2010
Latin Bond Sales to Rebound, Credit Suisse, BofA Say
Latin Bond Sales to Rebound, Credit Suisse, BofA Say
March 4 (Bloomberg) -- Latin American governments and companies will step up international bond sales in coming weeks after issuance slumped to a six-month low in February amid concern Greece will default, Credit Suisse Group AG and Bank of America Corp. said.
Sales totaled $1.8 billion last month, the lowest tally since August and down from $7.9 billion in January, according to data compiled by Bloomberg. Chile, which is seeking financing after its worst earthquake in five decades, may be among issuers to sell debt as markets open back up, said Michael Schoen, head of Latin American debt capital markets at Credit Suisse.
March 4 (Bloomberg) -- Latin American governments and companies will step up international bond sales in coming weeks after issuance slumped to a six-month low in February amid concern Greece will default, Credit Suisse Group AG and Bank of America Corp. said.
Sales totaled $1.8 billion last month, the lowest tally since August and down from $7.9 billion in January, according to data compiled by Bloomberg. Chile, which is seeking financing after its worst earthquake in five decades, may be among issuers to sell debt as markets open back up, said Michael Schoen, head of Latin American debt capital markets at Credit Suisse.
Petrobras May Issue $40 Billion of Shares, BNDES Says
Petrobras May Issue $40 Billion of Shares, BNDES Says
March 3 (Bloomberg) -- Petroleo Brasileiro SA’s biggest minority shareholder said the state-controlled company may issue up to $40 billion in shares, less than some analysts forecast, as part of a plan to swap stock for oil off Brazil’s coast.
The capitalization “could be $35 billion to $40 billion,” said Luciano Coutinho, president of the BNDES, Brazil’s state development bank and a Petrobras shareholder. “It will be the largest public offering ever in global markets,” Coutinho said today in a Bloomberg television interview.
Credit Suisse, in a Feb. 10 note to clients, forecast the share sale to reach as much as $50 billion, with about $30 billion of stock going to the government in exchange for 5 billion barrels of offshore oil and the rest offered to minority shareholders. JPMorgan Chase & Co. analysts in a note yesterday forecast the capital increase at $40 billion.
March 3 (Bloomberg) -- Petroleo Brasileiro SA’s biggest minority shareholder said the state-controlled company may issue up to $40 billion in shares, less than some analysts forecast, as part of a plan to swap stock for oil off Brazil’s coast.
The capitalization “could be $35 billion to $40 billion,” said Luciano Coutinho, president of the BNDES, Brazil’s state development bank and a Petrobras shareholder. “It will be the largest public offering ever in global markets,” Coutinho said today in a Bloomberg television interview.
Credit Suisse, in a Feb. 10 note to clients, forecast the share sale to reach as much as $50 billion, with about $30 billion of stock going to the government in exchange for 5 billion barrels of offshore oil and the rest offered to minority shareholders. JPMorgan Chase & Co. analysts in a note yesterday forecast the capital increase at $40 billion.
Monday, March 1, 2010
Brazil Merchant Bank BTG Buys Stake In Local Mitsubishi - WSJ.com
Brazil Merchant Bank BTG Buys Stake In Local Mitsubishi
SAO PAULO (Dow Jones)--Brazilian merchant bank BTG Pactual said Monday that it has acquired a minority stake in Mitsubishi Motors do Brasil in a bet that the country's auto market will grow for decades to come.
'There is no exit strategy with this purchase,' said Carlos Fonseca, president of the private-equity division at BTG. 'We are not in this for the short or medium term. This is a long-term marriage that is confident the Brazilian economy will expand and that the auto market will grow along with it,' he said.
Eduardo Sousa Ramos, president of Mitsubishi Motors in Brazil, said that the two have been courting each other since early 2009. BTG will gain one seat on the five-member board. No figures were given for the deal, announced late Monday.
'We did not seek out BTG because we are looking to increase capital or looking for funding for new projects,' Ramos said. 'BTG will have a small stake in the company and it will allow us to have access to long-term financial resources that will help us better plan for the Mitsubishi's future in Brazil,' he said.
Mitsubishi opened its first Brazilian assembly line in September 1998. It makes the costly twin cabin L200 pick-up in Brazil.
Mitsubishi, a unit of Japan's Mitsubishi Motors Corp. (MMTOY, 7211.TO), is a small auto company in Brazil. It was ranked the No. 7 seller of pick-up trucks and sport-utility vehicles in January with a 5.8% market share, according to sales reported last month by the National Automotive Dealerships Association, or Fenabrave.
Fiat SpA (FIATY, F.MI), General Motors Co. and Volkswagen (VLKAY, VOW.XE) were the top three with a combined market share of 50.4%.
Brazil sold 3.1 million vehicles in 2009, up from 2.8 million in 2008. Expectations are for the industry to sell at least 3.3 million in 2010.
-By Kenneth Rapoza, Dow Jones Newswires; 5511-2847-4541; kenneth.rapoza@dowjones.com
SAO PAULO (Dow Jones)--Brazilian merchant bank BTG Pactual said Monday that it has acquired a minority stake in Mitsubishi Motors do Brasil in a bet that the country's auto market will grow for decades to come.
'There is no exit strategy with this purchase,' said Carlos Fonseca, president of the private-equity division at BTG. 'We are not in this for the short or medium term. This is a long-term marriage that is confident the Brazilian economy will expand and that the auto market will grow along with it,' he said.
Eduardo Sousa Ramos, president of Mitsubishi Motors in Brazil, said that the two have been courting each other since early 2009. BTG will gain one seat on the five-member board. No figures were given for the deal, announced late Monday.
'We did not seek out BTG because we are looking to increase capital or looking for funding for new projects,' Ramos said. 'BTG will have a small stake in the company and it will allow us to have access to long-term financial resources that will help us better plan for the Mitsubishi's future in Brazil,' he said.
Mitsubishi opened its first Brazilian assembly line in September 1998. It makes the costly twin cabin L200 pick-up in Brazil.
Mitsubishi, a unit of Japan's Mitsubishi Motors Corp. (MMTOY, 7211.TO), is a small auto company in Brazil. It was ranked the No. 7 seller of pick-up trucks and sport-utility vehicles in January with a 5.8% market share, according to sales reported last month by the National Automotive Dealerships Association, or Fenabrave.
Fiat SpA (FIATY, F.MI), General Motors Co. and Volkswagen (VLKAY, VOW.XE) were the top three with a combined market share of 50.4%.
Brazil sold 3.1 million vehicles in 2009, up from 2.8 million in 2008. Expectations are for the industry to sell at least 3.3 million in 2010.
-By Kenneth Rapoza, Dow Jones Newswires; 5511-2847-4541; kenneth.rapoza@dowjones.com
Brazil's Camargo Correa To Issue $1.66B In Commercial Papers
Brazil's Camargo Correa To Issue $1.66B In Commercial Papers
SAO PAULO (Dow Jones)-Brazil's construction company Camargo Correa SA is planning to raise about 3 billion Brazilian reals ($1.66 billion) from the issue of commercial papers, Fitch rating agency said in a press release late Friday.
The company will use the proceeds of the issue to finance the acquisition of a minority stake in Portuguese cement maker Cimentos de Portugal, or Cimpor (CPR.LB).
Earlier this year, the company reached agreements to acquire a 31.12% stake in Cimpor, for a total amount of approximately BRL3.5 billion.
'Strategically, Fitch views the acquisition positively. It will allow Camargo to increase its presence in the global cement market, and it should result in synergies with Camargo's highly correlated core businesses (cement, engineering and construction). Cimpor's presence in 13 countries, including Brazil where it operates six cement plants and 32 ready mix units, would further improve Camargo's geographic diversification,' Fitch said.
The commercial papers, which would mature in six months, was rated at F1(bra) by Fitch.
Camargo Correa is one of the largest private industrial conglomerates in Brazil. As a holding company, Camargo has full ownership interests in cement, engineering and construction companies and controlling positions in homebuilding, textiles, footwear and sportswear manufacturing companies. It also has equity interests in energy, transportation (highway concessions) and steel businesses.
-By Rogerio Jelmayer, Dow Jones Newswires; 5511-2847-4521; rogerio.jelmayer@dowjones.com
SAO PAULO (Dow Jones)-Brazil's construction company Camargo Correa SA is planning to raise about 3 billion Brazilian reals ($1.66 billion) from the issue of commercial papers, Fitch rating agency said in a press release late Friday.
The company will use the proceeds of the issue to finance the acquisition of a minority stake in Portuguese cement maker Cimentos de Portugal, or Cimpor (CPR.LB).
Earlier this year, the company reached agreements to acquire a 31.12% stake in Cimpor, for a total amount of approximately BRL3.5 billion.
'Strategically, Fitch views the acquisition positively. It will allow Camargo to increase its presence in the global cement market, and it should result in synergies with Camargo's highly correlated core businesses (cement, engineering and construction). Cimpor's presence in 13 countries, including Brazil where it operates six cement plants and 32 ready mix units, would further improve Camargo's geographic diversification,' Fitch said.
The commercial papers, which would mature in six months, was rated at F1(bra) by Fitch.
Camargo Correa is one of the largest private industrial conglomerates in Brazil. As a holding company, Camargo has full ownership interests in cement, engineering and construction companies and controlling positions in homebuilding, textiles, footwear and sportswear manufacturing companies. It also has equity interests in energy, transportation (highway concessions) and steel businesses.
-By Rogerio Jelmayer, Dow Jones Newswires; 5511-2847-4521; rogerio.jelmayer@dowjones.com
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