April 5 (Bloomberg) - Ixe Grupo Financiero SAB, the Bank focused on Mexico City serves clients income high, is beaten peers on the market as its acquisition by Grupo Financiero Banorte SAB étincelles increases rating credit.
The 9th bonds dollar by 2020 returned 13.8% since their sale in October, compared to a gain of 0.3 per cent for the Mexican business notes and a loss of 0.5% for America Latin financial company debt, according to data compiled by BloombergJPMorgan Chase & Co. and Credit Switzerland Group AG. The obligations of the 9th yield 220 points base, or 2.2 percentage points, of the debt of more than similar maturity Banorte, down from 342 in October.Investors are betting that Fitch Ratings will follow Standard & Poor to raise 9th ranking after shareholders approved the purchase by third BanorteBanque 30 March of Mexico by and loans. Relaunched S & P rating two levels of the 9th of BBB - on this day, put online with Banorte. 9Th notes two rates lower than BB Fitch. "Whenever I see the links I their pick up", said Carlos Legaspy, which manages approximately $ 300 million in markets emerging debt, including debt 9th, based in San Diego, California said Investment Management. " "You get acquired by a bank big, evaluated more than high, so you'll converge towards a higher rating." It is pure ratings arbitration. "9Th yields fell 202 points from base to 7.23% in the months since they were issued in October, while yields of Banorte decreased from 59 to 6.37 percent. The average yield on Government dollar obligations roses 67 points based on the time of 4.9%, according to JPMorgan.Espresso BarsMexico antitrust agency gave companies leave February 4 to enter the market. "We expect that the other rating agencies will also raise their credit on 9th level ratings that Banorte,", said David Suarez, responsible for relations with investors to Banorte." "We would be surprised if it does not."Rene Ibarra, an analyst with Fitch Ratings in Monterrey, did not respond to four messages left with his Secretary.Banorte and 9th announced plans for the acquisition, October 19, the same month based in Monterrey Banorte appointed former Central Bank Governor Mexican Guillermo Ortiz as President. Control allows the smallest 9th take advantage of capital of the largest bank to expand its business model, which includes a custom home or Office customers and branches service equipped with espresso bars, according to Martin Gonzalez, an analyst with fairness at Invex Casa de Bolsa in Mexico City.Default swaps "This gives them the strength of a larger bank" Gonzalez said in an interview on the phone. "" "". At the end of the day, the risk will be the same. From Banorte, they're going into a niche market, they were not able to get in front. "9Th spokesman Rene Pimentel did not return telephone calls seeking comment.The extra yield investors demand to hold dollar corporate bonds rather than US Treasury rose 1 point base yesterday in 280, according to JPMorgan. The gap between the Mexican Government bonds dollar and treasures fell 1 point base yesterday to 132. the cost to protect the Mexican debt against non-payment for five years has dropped from 1 point base to 101, according to CMA. Credit-default swaps pay the buyer face value in exchange of underlying securities or the equivalent of cash if the issuer fails to comply with the agreements of the debt.The peso fell 0.1% to 11.8499 per dollar, reduce his lead this year to 4.1%. "Poor ' ProfitabilityIxe stock rallied to 14 percent since the announcement of the acquisition. Banorte stock won 16 percent in the period.Standard & Poor said on March 30 that it stimulated the rating because ninth that Bank gains "financial flexibility" of the acquisition and can see its "poor" profitability improve. "We anticipate that operational synergies within the new financial group, coupled with its active sound quality - demanding low provisioning - could bear fruit in 2011,"S & P analysts led by Arturo Sanchez has written."IXe has posted a net loss of 127.5 million pesos in the fourth quarter, compared to a profit of 521 million pesos a year earlier. Profit of 17 percent over the same period reached Banorte 1.76 billion pesos. "Banorte can really take the mark of the 9th and the niche that they have and expand,"said Legaspy. "Banorte is much more of a retail bank, then the 9th has been focused on higher-income clients." Banorte can really expand this brand where 9th could not do on its own. ?-With the help of Jose Enrique Arrioja and Crayton Harrison in Mexico City. Editors: David Papadopoulos, Laura Zelenko
{To contact the reporters on this story: Jonathan j. Levin} to Mexico City, jlevin20@bloomberg.net; Andres r. Martinez in Mexico City at amartinez28@bloomberg.net
To contact the editor responsible for this story: David Papadopoulos to papadopoulos@bloomberg.net
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