Concern that Grupo Financiero BBVA Bancomer SA may turn over cash to its Spanish parent has sparked a sell-off in the lender’s bonds that’s making them attractive to ING Groep NV and Aberdeen Asset Management Plc.
Mexico is having the slowest year for domestic corporate bond sales since 2004, spurring underwriters including Citigroup Inc. , Banco Santander SA and BBVA Bancomer SA to slash fees in a “war” for fewer deals.
Gonzalo Garcia, 45, thought 10 years as a branch manager for Citigroup Inc.’s Banamex unit in Mexico would help qualify him for a loan to start up an herbal medicine business. He was wrong. Banamex, along with two other leading lenders, turned him down.
The search for the cause of a blast that destroyed three floors of a building at Petroleos Mexicanos’s headquarters and killed at least 34 people entered a fourth day, as investigators toiled ahead of a self-imposed deadline for finding an answer.
Increase in growth would be permanent and estimate is conservative, BBVA Bancomer says in e- mailed report. * Report says possibility “high” reform will pass congress * The reform is “without a doubt, a significant advance” from current energy policy in Mexico * Opting for profit-sharing contracts over concessions “not necessarily a disadvantage” * High costs for producing oil that’s difficult to extract could be a “serious obstacle” to reaching govt. goal of boosting crude output to 3.0m bpd in 2018 and 3.5m bpd in 2025 * Analysts Carlos Serrano, David Aylett, Arnoldo Lopez, Arnulfo Rodriguez comment in research note