Corporate Bond Research Articles

 

Digicel Exchange Offer - Deadline Extended - September 26 2018

Summary

Further to our communication of September 17, 2018, Digicel Group Limited has announced that it will be extending the deadline for its tender offer from September 28 to October 19, 2018. The entity has also announced that all other terms and conditions of the Exchange offer remain the same. If you have already stated your intent to accept or deny the offer then no further action is required on your part. However, if you have not yet stated your intention to us, please do so before 3 pm on Friday, October 12, 2018. To do this you may contact your investment advisor, visit any JMMB location or contact us through our client care centre we will continue to monitor the situation and provide updates along the way...Read More

 

Digicel Exchange Offer - Analysis & Recommendation - September 7 2018

Summary

Incorporated in Bermuda, Digicel Group Limited and its subsidiaries provide communications services including Mobile telephony, Business solutions, Cable TV & Broadband and other related products and services in the Caribbean, South Pacific and Central America. Digicel provides its products and services to retail, corporate (including small and medium-sized enterprises) and government customers. Digicel has 14.2 million subscribers across all its markets and boasts the number one mobile market position in 25 of these 31 markets.....Read More

 

Petrotrin Update - August 2018

Summary

JMMB has been tracking the financial stability of Petrotrin, the state owned refinery of Trinidad and Tobago (T&T). We believe the Government of Trinidad and Tobago (GOTT), is in a position to back full repayment of the company’s external obligation in the event that the international capital market is not receptive to rolling the debt. However, based on the information expressed below, JMMB is changing its outlook on the Petrotrin 2019 and 2022 bonds and recommend that clients reduce the proportion of the bonds in their portfolio to less than 5%....Read More

 

Bancolombia 5.95% Due 2021 Analysis & Recommendation- June 

Summary

The Colombian economy has benefited from the recovery in oil prices. Gross Domestic Product is expected to come in at 2.8% and 3.2% for 2018 and 2019, respectively. One of the major driving forces behind growth over the next few years will be investment. The government's 4G infrastructure investment program has been slow to advance but should support growth. Private investment has been aided by the recent tax reform incentives, exchange rate and interest rate movements...Read More

 

Credito Real Analysis & Recommendation- January 23 2018

Summary

Credito Real is a leading financial institution in Mexico, with a focus on consumer lending. The Company has a diversified and scalable business platform in five main business lines: payroll credits, durable goods loans, small  business loans, group loans and used car loans. Credito Real offers products mainly to the low and middle income segments of the population, which historically have been underserved by other financial institutions...Read More

 

 

TV Azteca - Prepayment of The 7.625% Bond Due 2020 - October 2017

Summary

Further to our previous communication of August 31, 2017, TV Azteca has announced that they will be executing a full principal prepayment on its 2020 bond on October 30, 2017…Read more 

 

JBS S.A. Brazil - October 2017

Summary

JBS S.A is the largest meat processing company (by sales volume) in the world. The company sells beef, chicken and pork as well as its bi-products. JBS is headquartered in Sao Paulo, Brazil but has approximately 150 industrial plants around the world. The company’s vast presence worldwide  and its access to different markets ensure a healthy and diverse supply of foreign exchange from global sources. Consequently translation gains and diversity ensures a hedge against downturns in different markets. The company has a presence in the US, UK, France, Holland and Ireland just to mention a few.
 

Over the last two years however, JBS S.A. has had to deal with 1) the downturn in economic activity in Brazil; 2) the recent ban on beef exports from Brazil; and 3) allegations of corruption and penalties imposed by the authorities. In recent times debt levels...Read more 

 

 

TV Azteca - Prepayment of The 7.625% Bond Due 2020 - August 18 2017

Summary

Further to our previous communication of July 13, 2017, TV Azteca, on August 18 announced that they will be executing a partial principal prepayment on its 2020 bond…Read more 

 

Government Global Bond Repurchase Offer – August 2017

Summary

The Government of Jamaica has announced a tender offer to repurchase for cash the following global bonds:-
• 2019 – 8.00%,
• 2021 – 8.50%,
• 2022 – 11.625%
• 2025 – 9.25%… Read more 

 

Tv Azteca – Prepayment of The 7.50% Bond Due 2018

Summary

Further to our previous communication of July 13, 2017, on July 14th TV Azteca executed a partial principal prepayment on its 2018 bond...Read more 

 

TV Azteca – July 2017

Summary

The company reported an improvement in operating performance for 2016 after sales outgrew increases in total costs & expenses. However despite this increase net losses increased by 20% due to the booking of an impairment of the Colombian telecommunications investment. The result is that shareholder’s equity declined by 27%… Read more 

 

Bantrab Senior Trust Update – May 2017

Summary

Bantrab is a bank created under the banking laws of the sovereign state of Guatemala. The Bantrab Senior Trust notes are secured by the Trust. Payment of principal and interest on the notes will be absolutely, unconditionally, and irrevocably guaranteed by Bantrab. However, if the bank fails to make payments, investors will have to sue the Trust itself to recover amounts owing… Read more 

 

Grupo Unicomer Co. Ltd- Analysis & Recommendation- March 24, 2017

Company Background

Grupo Unicomer Co. Ltd. (GU) is a leading retailer of durable consumer goods such as home appliances, consumer electronics, furniture, motorcycles, mobile devices, computer equipment and optical wear in its Latin American and Caribbean markets. Grupo Unicomer is owned 50% by Infotech of the Caribbean and Central Corp. (which is 100% controlled by Milady Associates Ltd.) and 50% by Gromeron, SLU (which is 100% controlled by El Puerto de Liverpool S.A.B. de C.V.). The company’s current structure was achieved through four large-scale acquisitions, in addition to organic expansion, throughout its 17 year history. The Group runs an integrated business model which includes sales of goods, consumer finance, extended warranties, credit protection insurance and post-sale repair services. The Group has achieved a market share of 20% or…Read more 

 

JBS Summary – February 2017

Company Overview

JBS S.A., formerly Friboi Ltda, is a Brazil-based company involved in the food processing sector. The Company is primarily engaged in animal slaughtering, the cold storage of beef, the production and sale of meat, meat by-products and canned food. JBS S.A. divides its food processing business into three segments: Cattle Meat, Pork Meat and Chicken Meat. In addition, the Company and its subsidiaries are involved in the leather tanning; aluminium cans production, industrial waste management and plastic resin manufacturing; bar soap and soap production for its own brands of cleaning and hygiene products; production of biodiesel, glycerine and fatty acid; retail sale of meat and barbecue related items; production and distribution of electric power, among others…Read more 

 

 

Digicel Group Limited Summary – February 2017

Company Overview

Digicel is a leading provider of communications services in the Caribbean and South Pacific regions. The Company provides a range of mobile communications, Business Solutions, Cable TV & Broadband and other related products and services to retail, corporate (including small and medium-sized enterprises) and government customers. Digicel currently provides mobile communications services to 13.6 million subscribers in 31 markets with an aggregate population of approximately 32 million people. They offer HSPA+ or long-term evolution (“LTE”) mobile technology in 30 markets and hold the number one mobile market position in 21 markets, with a mobile subscriber market share of more than 50% in 20 markets as determined by internal Company data. Digicel launched mobile services in Jamaica, its first market, in 2001 and became the market leader there within 15 months of launch, based on a strategy that Digicel has since replicated successfully across many of its markets…Read more 

 

 

 

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