Roundup: BBVA Francés bonds, HSBC unit notes, Banco Pine affirmed

Tuesday, August 2, 2011

Argentina's BBVA Banco Francés (NYSE: BFR) has announced it will issue up to US$500mn worth of bonds, the bank said in a brief statement sent to national securities commission CNV.

The bonds are rated AA+ by Fitch and AA by S&P, both on a national scale, the filing reads.

The bank is a unit of Spain's BBVA (NYSE: BBVA) and is Argentina's second largest private lender.

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Moody's has assigned a Aaa national scale local currency senior unsecured debt rating to the expected third issuance by the Argentine unit of HSBC (NYSE: HBC) for up to 150mn pesos (US$36.2mn) under the bank's 1bn-peso global medium-term note program.

The agency also assigned a Ba1 global local currency debt rating to the expected third issuance. The outlook for all ratings is stable, the agency said in a report.

Moody's explained that the local currency senior unsecured debt rating derives from HSBC Bank Argentina's Ba1 global local currency deposit rating, and that seniority was also taken into consideration in assigning the debt ratings.

To read the full report, go to this link


Fitch has maintained midsize Brazilian bank Banco Pine's long-term foreign and local currency issuer default rating (IDR) at BB- with a stable outlook, and its short-term foreign and local currency IDRs at B.

The ratings reflect the bank's continuous strengthening in its operating niche, the local middle market segment. They also reflect its strategy of attaining higher profitability through increasingly cross selling products other than loans, which now represent more than 30% of revenues, as well as its healthy asset quality.

Fitch also took into consideration Banco Pine's strong asset quality and conservative provisioning, its liquidity and greater diversification of funding sources.

Founded in 1997, Banco Pine is controlled by Noberto Pinheiro and has been listed on the Bovespa exchange since 2007.

To read the full report, in Portuguese, go to this link