Americas
After Elections, Policy Uncertainty, Liquidity Concerns Weigh on Infrastructure Outlook in Americas
The dust is beginning to settle following one of the busiest election years in Latin America’s recent history, but concerns around policy reversals and a lack of sufficient liquidity in certain markets could mean infrastructure developers and investors focused on some of the region’s largest economies may not particularly like what they see. The early signs are worrying, to say the least.
1 Mar 2019
Votorantim Energia CFO: Uncertainty Now Punctuates Everyday Decision-Making
Bonds & Loans speaks with Raul Cadena, Chief Financial Officer of Votorantim Energia, about the company’s funding and M&A strategy for 2019, and value creation in Brazil’s growing electricity generation segment.
27 Feb 2019
CASE STUDY: Grupo Bimbo Becomes First Mexican Consumer Company to Issue Hybrid Bond
Last year, Grupo Bimbo’s debut hybrid transaction marked a milestone not just for the company but the broader Mexican corporate bond market, where primary market activity for hybrid securities has traditionally been dominated by select financial sector issuers.
20 Feb 2019
The Latin American Political Landscape in 2019: The Good, The Bad and The Ugly
Americas Market Intelligence’s John Price takes stock of last year’s hectic election cycle in Latin America and looks more closely at the fortunes of some of the region’s key markets: Brazil, Mexico and Venezuela.
19 Feb 2019
Vive Energía CEO: Securing Cost-Competitive Funding for Wind still a Challenge in Mexico
Mexico has made significant strides in developing and deploying renewables in recent years, but recent regulatory uncertainty has cast a pall over the sector and may start to weigh on the bankability of transactions. Bonds & Loans speaks with Benny Villareal, Chief Executive Officer at Vive Energía about the company’s corporate funding strategy.
15 Feb 2019
Deadly Pipeline Blast Adds Fire to Mexico’s Fuel Crisis
The recent explosion at an oil pipeline in Tlahuelilpan, Central-Eastern Mexico, took the lives of 114 people and dozens more were left with severe injuries. The blast brought Mexico’s ailing oil and gas infrastructure back into focus just as the new president sets on a path to revitalise the industry by undoing some of his predecessor’s reforms to liberalise it. But will he succeed?
8 Feb 2019
Mexican Borrowers Clean Up at This Year’s Latin America Deals of the Year Awards
Mexico’s political environment and markets experienced unprecedented levels of volatility in 2018, but against that backdrop borrowers took to the markets to launch landmark transactions that still broke barriers and paved the way for others to follow.
6 Feb 2019
CASE STUDY: Frontera Completes Restructuring with Debut Dollar Market USD350mn Bond
The Canadian oil company navigated a challenging market backdrop to place an upsized USD350mn bond, its first in the USD market, to finance its operational investments in the Andean region, refinancing all of its outstanding 2021 notes in the process.
28 Jan 2019
Brazil: Beware of the Pitfalls Macron and Macri Could Not Navigate
As the new administration begins to enact its economic vision, Zeina Latif warns the Bolsonaro-appointed finance minister Paulo Guedes that a half-measure approach could undermine the fiscal rebalancing of Brazil.
24 Jan 2019
Burning Down the House: Reserve Currencies and Emerging Markets
Reserve currencies are a kind of macroeconomic insurance, which guarantees access to financing during economic accidents. Reserve currency status can be unknowingly squandered, but it can also be sacrificed deliberately in place of undertaking macroeconomic adjustment. Which path is Trump taking?
23 Jan 2019