The continuous acquisition of real estate and the diversification in the type of infrastructure invested, are the reasons for the growth of real estate funds, which monopolize nearly 40% of the industry's assets.
According to data from the General Superintendence of Securities (Sugeval), the proportion of real estate funds concentrated in the market has been growing for years, since in November 2013 they represented 29% of the industry and in the same of 2018 it rose to 41%.
The new tax reform proposal being discussed in Costa Rica raises capital gains tax from 8% to 15%, and also excludes recognising as a debt deposits made by issuers in the securities market.
In the view of the National Stock Exchange (BNV), not recognizing deposits made in the stock market as debt leaves it at a clear disadvantage, compared to banks, as a source of financing for companies.Not only does it compromise access to investors' savings, it also significantly limits companies and individuals investment options.
Using a web platform with key information from all of the markets in the region and the Dominican Republic, Central American stock exchanges propose reviving the plan to create a truly integrated regional market.
Once again authorities at stock exchanges in Central American countries and the Dominican Republic have put back on the table the plan to integrate the stock markets in each each country into a single regional one. The only difference with regard to the attempts that have been made previously is that there is now the experience of integration of the Salvadoran and Panamanian exchanges, which has been operational since May of last year.
Establishment Labs Holdings, dedicated to the manufacture of breast implants, issued $66 million in shares on its first day of trading on the Nasdaq stock exchange, in the US.
Representatives of the company reported that through the procedure called "pricing", last Wednesday the company sold 3,175,277 shares to investorsat a unit price of $18 dollars.
To avoid further pressure on local interest rates, the Ministry of Finance will be considering issuing $1 billion a year in the international market over the next four years.
Representatives from the Ministry of Finance confirmed that they are preparing an application to the Legislative Assembly to issue $4 billion in debt securities in the international market.
Between January and November 2017, the volume traded on the stock exchange was $43,153 million, 4% less than the amount traded in the same period in 2016.
According to figures from the National Securities Exchange (BNV), as of November of this year 78,836 operations were recorded for a total of $43.153 billion, 4% lower than the $44.911 billion transacted in the same period in 2016.
The Ministry of Finance has announced that within six weeks it will issue an internal debt bond for a maximum of $1.5 billion, under the model of "placement contract".
From a statement issued by the Ministry of Finance:
Since September 25, foreigners who acquire securities from the local stock market will have to pay 8% tax on the dividends generated.
The differences that had arisen regarding how much and in what form the tax on dividends generated from investments made by foreigners in securities on the local stock market should be collected, have been resolved, and the Ministry of Finance confirmed that the tax will be collected from September 25th.
The government is preparing a bill for the Assembly to authorize a debt issue on the international market next year.
The Ministry of Finance is considering raising money abroad in order to avoid pushing interest rates up in the local market.If the Legislative Assembly approves the bill, the government will turn to the international market to raise the 1.2 trillion colones that it needs to pay for domestic debt securities due next year.
The concessionaire of route 27 plans to place up to $374 million in the Costa Rican stock market to repay outstanding balances on a bank loan.
A rating report by Fitch Ratings states that Globalvía, through the issuer Autopistas del Sol, plans to"... issue local notes for a total amount of up to USD374 million.The 2017-A-CR Series will be denominated in US dollars for up to USD104 million and for a term of 10 years, while the 2017-A-CR Series will be denominated in US dollars for up to USD270 million and for a term of 14 years. Both series will maintain a fixed interest rate."
A 15% tax, charged by the Treasury on income from interest generated on foreign investments in securities in the local market, has been described as incorrect.
In Costa Rica, Infinito Versol S.A. is planning to issue $42 million in debt bonds in the local market in order to finance construction of a residential development of 1,600 homes.
The issue was authorized by the General Superintendency of Securities in November 2016, and the placement in the local market is scheduled to take place before April this year.
The funds raised in the local market will be used to finance the expansion works of the Port Terminal Petrolera del Atlantico and optimize the entity's storage capacity.
The securities auction will be held on June 14 through the National Stock Exchange, in the amount of 12.100.000.000 colones ($22.5 million) of bonds SerieA A6 belonging to Schedule A standardized bond issue.
Up to $372 million of the state pension scheme could be invested in public infrastructure projects in Costa Rica.
Funding public works using Costa Rica's national savings funds saw a new and positive development in matters relating to the management of resources in the economy.
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