LATAM Business Watch · Monday, 9 November 2026 · 5-minute read

Good morning. Bci wants a share swap, Arauco finds buyers for its hybrids, Peru braces for a rate hike, Fitch lifts the Dominican Republic, and a Mexican private equity firm lines up its fifth fund.

Let’s get into it.

Five Things to Know

1. Bci hires bankers for tender offer. Bci Group has hired Banchile and Bci Corredores to run a tender offer for Bci shares, planned for the end of 2026, with a one-for-one share exchange, Diario Financiero reported on 6 November. Bci’s market value is about US$14 billion. Why it matters: a large group simplifying its ownership sets a template for others in the region, and the exchange ratio will show how it values the pieces.
2. Arauco’s hybrid bond finds its buyers. The Chilean pulp group placed UF 10 million (about US$425 million) of hybrid bonds at UF plus 4.13% on 6 November, with demand of 1.5 times the offer, per Diario Financiero. Patience paid off: the deal had been delayed.
3. Peru’s inflation hits a 38-month high. Lima prices rose 5.25% in the year to October, against a 1% to 3% target, Infobae reported. The central bank decides on Thursday and a 25 basis point hike to 4.50% is expected, per Bloomberg Línea’s weekly agenda.
4. Fitch upgrades the Dominican Republic. The rating moved to BB from BB-, outlook stable, and the 2026 growth forecast rose to 4.5% from 3.5%, DiarioDigitalRD reported on 8 November. Fitch projects government debt at 47.9% of GDP at the end of 2026.
5. Mexico clears six solar projects. Permits worth about US$750 million and 649 MW went to Cox, Invex and Viva el Sol, dated 5 November, per Bloomberg Línea.

Today’s deep dive: Costa Rica’s 15% Foreign Income Tax Bill: What Resident Investors Face

Markets Snapshot

Friday 6 November closes. Where sources disagree we show the source named.

• Brazil: the Ibovespa closed at 168,498, up 1.39% on the day and 0.34% on the week, per The Rio Times. The dollar ended at R$5.5082, up 0.36% on the day and 1.18% on the week, per Campo Grande News.
• Mexico: the IPC closed at 71,393.57, up 0.43% and 2.25% on the week, per ABC Color. The peso fix was 18.63 per dollar, down 0.64% for the dollar, per the same report (The Rio Times has 18.61).
• Chile: the IPSA closed at 10,536.54, up 0.68% and 2.75% on the week, per The Rio Times.
• Colombia: the COLCAP closed at 2,485, up 0.03%, per The Rio Times.
• US 10-year Treasury: about 4.87%, per The Rio Times’ 7 November global briefing. We left out Argentina, Chile’s and Colombia’s currencies and Brent, because the sources we read disagreed on sign, scale or level.

Private Markets Pulse

• Fundraising: Mexican private equity firm Discovery Americas is preparing its fifth Mexico fund and says local pension funds have already committed, LatinFinance reported on 8 November. Size and target were not disclosed.
• DFI money: BTG Pactual Chile is seeking its first IFC deal to finance hospital construction, per LatinFinance on 8 November. No amount was stated.
• Real assets: Peru’s Fibra Prime raised US$40.37 million in its sixth certificate placement, mainly to prepay a bridge loan from a Lima logistics-park purchase, Gestión reported on 6 November.
• Industry data: Latin American startups raised US$1.3 billion in the third quarter of 2026, up 26% on a year earlier and down 9% on the second quarter, per Crunchbase, published 19 October.

Macro Radar

• Chile · Inflation: October prices rose 0.5% on the month and 4.5% on the year, against a 3% target, the statistics institute reported on 6 November. Private-markets angle: it weakens the case for rate cuts, which weighs on local-currency credit and real estate funds.
• Colombia · Central bank: BanRep now expects 2026 inflation of 7.1%, up from 6.9% in July, and sees the 3% target only at the end of 2028, per Moncloa on 6 November. DANE publishes October inflation today; a Citi survey has a median of 6.38%. Private-markets angle: a December hike is priced by markets, which lifts hurdle rates for Colombian private equity and credit.

Deal Flow

M&A

• Update: Holcim launches a tender for the 49.99% of Pacasmayo it does not own, Peru cement, up to about S/1,892 million at S/8.93 a share, open until 20 November.
• Linzor Capital is preparing to sell UnoSalud, Chile’s largest dental chain, with Santander hired; DF cites sources at roughly US$80 million.
• eToro agrees to buy LB Finanzas, Argentine fintech, its fourth deal of 2026; terms not disclosed.
• GeoPark expects operational control of Venezuela’s Bare oil field within 60 days; no price given.

Around the Region

• Mexico: the Digital Economy Law took effect on 5 November, and Hacienda has 15 business days to name the digital-only sectors.
• Brazil: the government’s council approved a first list of 27 critical minerals on 6 November, with rare earths, copper, lithium and uranium in the top tier.
• Chile: its central bank says draft rules for a Chilean Pix and for stablecoins will go to public consultation soon; no dates yet.
• Mexico: Honda opened a second line at its Jalisco plant for 66,000 larger motorcycles a year, previously imported from China.
• Dominican Republic: Yanuna’s nearly EUR900 million Playa Macao resort has two Marriott hotels and 548 rooms, due to open in 2029.

Costa Rica Corner

• INEC put third-quarter unemployment at 6.5%, against 5.7% a year earlier, with 154,736 people jobless, Tico Times reported on 5 November.
• Free-zone call-centre firm TTEC asked to cut its jobs pledge, and at least 38 free-zone firms have lowered job targets since 2023, per Tico Times on 4 November.

Number of the Day

45

That is TTEC’s reduced minimum jobs commitment in Costa Rica’s free zones, down from 111, per Tico Times on 4 November.

On the Calendar

• Today: Mexico October inflation (consensus 3.6%), Colombia inflation and Chile’s trade balance, per Bloomberg Línea.
• Tuesday: Copom minutes in Brazil; US October CPI at 08:30 ET, with no annual figure because of missing October 2025 data, per CriptoTendencia.
• Wednesday: Mexico industrial production; US bond markets closed for Veterans Day.
• Thursday: Peru’s central bank decision, plus Argentina and Brazil inflation.
• Friday: Colombia retail sales and industrial production; US producer prices.

The Water Cooler

Chile’s Bci and Arauco are both tidying their capital structures while inflation in Chile, Peru and Colombia refuses to cooperate. Our read, not a forecast: expect more issuers to lock in funding before central banks tighten further.

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Data as of 9 November 2026. Items reflect public reports on the dates shown; deal terms are as reported by the sources and may change. This is general market commentary, not investment advice.