It is difficult to understand - especially because it has been made public - how a major state bank has described the International Bank of Costa Rica as "high risk" while another main state bank has stated the opposite.
EDITORIAL
The banks involved are Banco de Costa Rica (BCR) and Banco Nacional (BN). Between them they are the owners of Banco Internacional de Costa Rica (BICSA), with 51% of the shares the first and 49% of the second.
Fitch Ratings has revised from "stable" to "negative" its perspective for international long-term ratings of the private bank BAC San José and the state banks Banco Nacional, Banco Popular, Banco Internacional and Banco de Costa Rica.
From a statement issued by Fitch Ratings:
Fitch Ratings has revised the Outlook for international long-term ratings of four Costa Rican banks and a Panamanian subsidiary from Stable to Negative, after having revised the Perspective for Costa Rica's sovereign rating from stable to negative :
Six companies will issue corporate bonds and stocks with terms of 3 to 28 years, with interest rates of up to 12.5%.
Laestrella.com.pa reports that of the issuances that are being prepared in the Panama Stock Exchange, "... the biggest will be by Banco Internacional de Costa Rica, S.A., with rotating corporate bonds for 200 million dollars with 3 or 7 year terms at a rate yet to be defined. "
A reform of the Development Banking System is stuck in Congress because of a possible tax on offshore banking.
The creation of a tax included in the bill to reform the Banking Development System is impeding its progress in the Costa Rican Congress. MEPs propose a tax of 15% on profits from offshore banking.
The Ministry of Finance projected that the new tax could generate revenues of $28 million annually for the National Development Trust (Finade). The Treasury chief, Edgar Ayales requested that if higher revenues than this are achieved, for the surplus to go to the state.
By the end of 2014 the Spanish company Gamesa expects to complete the construction of a 50 MW wind farm in the province of Guanacaste.
From a press release by Gamesa:
Gamesa, a global technology leader in the wind industry, has signed a contract, in Costa Rica, for construction, supplies and turnkey installation of a 50 MW wind farm with Globeleq Mesoamerica Energy (GME).
Federico Carrillo, executive vice president and general manager of the International Bank of Costa Rica, has been dismissed by the Board.
Through a press release, the Bank reported that "the dismissal of Mr. Carrillo Zurcher is based on a loss of confidence by the Board, due to the failure to control some of Bicsa's financial operations, namely swaps" .
Blue Power has signed a financing agreement for $80 million with Bicsa bank, for the completion of the project in Nicaragua.
Once completed, the Blue Power & Energy wind generation farm will be able to generate 39.6 megawatts of clean energy, which corresponds to annual savings of $22 million for the country, according to Emilio Rapaccioli, the energy minister.
Banco Internacional de Costa Rica traded in the secondary market of El Salvador a total of $ 5 million Series F bonds.
"The series will pay a fixed interest rate of 4.50% 5-year term, with interest payments on a quarterly basis and principal due at maturity. The issue received a risk rating of AA (slv) by Fitch and AA-(slv) by Equilibrium." published Elsalvador.com.
The stock market in Panama is the source of fresh funds while the rest of the financial system keeps funds restricted.
Issuances recorded by the National Securities Commission (CONAVAL) during the first quarter of 2009 totaled $305 million, while those in process total $447 million.
Even banks are trying to capture the public's money in this manner.
The Panama branch of the International Bank of Costa Rica (BICSA) has made a public offer of corporate bonds worth $100 million.
The listing and negotiation of these bonds has been authorized by the Panama Stock Exchange (BVP) and the National Stock Commission of Panama, however this authorization does not imply a recommendation or opinion of these stocks or the issuer, indicated a press release from the BVP.
Panama's National Securities Commission says there are 13 bond issues pending that will raise a total of 602 million dollars.
Among the upcoming issues are a 250-million-dollar issue of perpetual bonds for from Banco General; another from Global Bank Corp for 60 million dollars; and three from the International Bank of Costa Rica, the Multistrategy Fixed Income Fund and the Sociedad de Inversión Inmobiliaria Balboa, each for 50 million dollars.
The International Bank of Costa Rica (Banco Internacional de Costa Rica) has launched a debt issue in Panama with a maturity of three to five years.
With capital payments on maturity and quarterly interest payments the issue will be for 50 million dollars in series.
The issue, whose interest rate will be previously agreed to upon placement, is currently being subscribed.
Banco Internacional de Costa Rica (Bicsa) aims to open a branch in Nicaragua and an office in Panama by the end of this year.
At present, the bank has only a representative office in Nicaragua. Victor Emilio Herrera, chairman of Bicsa's board, said the office in Panama would seek out business generated by the amplification of the Panama Canal.
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