Americas
Trump’s Trade Policies: Sacrificing Long-Term Gain for Short-Term Pain
Donald Trump’s willingness to replace long-term global political planning in favour of short-term political opportunism marks a departure from 70-odd years of US foreign policy. In a nutshell, after a long line of US presidents worked hard to build global political capital and the Trump Administration has now decided to spend it. What does this mean for investors and policy makers in other…
9 Jul 2019
CASE STUDY: Acciona Formalizes First ESG-Linked Loan in Chilean Markets
Following a successful debut in the European ESG-linked loan space in February, Acciona repeated the move with a dual-tranche dual-currency transaction worth USD30mn in Chile, only the third ESG linked loan in Latin America.
3 Jul 2019
Brookfield Americas Infrastructure Debt Head Sees New Opportunities in Telecoms, Renewables
Hadley Peer Marshall, Managing Director of Infrastructure Debt at Brookfield speaks with Bonds & Loans about managing local currency constraints when investing in infrastructure in Latin America, and new sectors generating investment opportunities.
28 Jun 2019
Off the Record: Peru’s Miners See CSR, ESG, Innovation as Key to Unlocking Funding
As Brazil braces for another tailing dam collapse, Miners & Investors talked with Peruvian majors’ CFOs and their investors about the industry’s challenges and opportunities for the year ahead. Majors demonstrated healthy financing positions with low expansion pipelines; juniors, on the other hand, continued to explore alternative financing in a dry equity market. All made mention of social…
12 Jun 2019
Brazilian Borrowers Price Through the Noise to Win Big at Bonds & Loans Latin America Awards
While borrowers in Brazil were confronted with anaemic growth and a lack of political direction through much of last year, many still pursued innovative new funding strategies that took them into the domestic and international credit markets. We take a closer look at some of the transactions originating from the region that won top prize at this year’s Bonds & Loans Latin America Awards.
3 Jun 2019
Latin America: China seeks to Diversify its Lending and Investment Practices
Chinese lending and investment to Latin America has exploded over the past two decades, with China consequently becoming the region’s largest creditor. But the scope and scale of Chinese activity is changing as it looks to invest in new sectors and countries, raising questions about its long-term presence in the region.
30 May 2019
Penalise or Promote: Is ESG Rating a One-Way Street?
Scores and rankings of ESG – shorthand for environment, social and governance – factors has become supremely important for investors looking to funnel capital towards more sustainable activities, often on the basis that better ESG means more sustainable cashflow generation capacity and lower overall risk. But are there limits to the linkages that can be drawn between credit performance and ESG…
22 May 2019
Total Eren: ECAs Key to Argentine Power Funding as Banks Sit Out the Volatility
RenovAr, Argentina’s flagship solar and renewables programme, has struggled in recent months due to the severe macroeconomic challenges weighing on the country. But as the country’s markets stabilise, developers focused on the region remain cautious as upcoming elections later this year could result in a change of direction. We speak with Martin Parodi, Managing Director, Total Eren Argentina,…
14 May 2019
Brazil: The Beginning of New Politics?
A good way to evaluate the beginning of Bolsonaro’s government, in terms of economics, is to establish the degree of continuity with the previous government's agenda. In October, I argued that, in spite of the political renewal, it would be essential to continue the economic reforms initiated by Michel Temer. In this respect, there is both good and bad news.
9 May 2019
HSBC Brazil CEO Sees Funding Opportunities as Turnaround Continues
As key reforms progress through the various arteries of Brazil’s governments, most investors and lenders remain resolutely optimistic about the market’s prospects – few more than HSBC, which recently announced its intention to significantly expand its presence in the country and re-establish itself as one of its top international banks.
8 May 2019