Americas
CASE STUDY: Invenergy Winds Up Uruguayan Market with 20-year Project Bond
Invenergy’s 70-megawatt Campo Palomas wind project, located in the Salto Department of Uruguay, launched an investment-grade USD135.8mn in the US Private Placement Market. Campo Palomas is Invenergy’s first project in Uruguay as it continues to expand its presence in Latin America.
18 Jan 2018
Brazil: Reckoning with public debt and reshuffling responsibilities
The golden rule of the public accounts establishes that the federal government can only issue debt for investment and refinancing of the existing debt, not to pay current expenses. It is a good constitutional rule, because it forbids one generation from creating debts resting on future generations to pay for a profligate state.
17 Jan 2018
CASE STUDY: Blackrock and Citi Conjure Up Dual Tranche Hybrid for Mexico Port Construction
The Lazaro Cardenas Port Logistics (LCPL) project’s complex financing structure, including dual bank and bond financings, allowed the borrower to navigate around construction risks and achieve the full 15-year tenor.
11 Jan 2018
Brazil: Why 2018 is Looking Better for the Economy
It’s possible that never before in Brazil’s economic history has the short-term performance been so central to defining the country’s destiny as it is now.
10 Jan 2018
Petroperú CFO: Interplay of Bank, Bond Financing Key to Talara Refinery Funding
The Talara Refinery is Petroperú’s flagship project and one of the most strategically important infrastructure initiatives in Peru’s oil and gas sector. We speak with Petroperú CFO Carlos Adrian Linares Penaloza about the funding strategy behind the project, and how the company overcame some delays and roadblocks along the way.
3 Jan 2018
CASE STUDY: Petroperú Goes Long with USD2bn Dual-Tranche Debut Bond
Peru’s state-owned petrol company boldly stepped into the market with 15- and 30-year tranches – which at USD2bn makes this the largest corporate debut bond from Latin America.
14 Dec 2017
CASE STUDY: Autopista del Sol's Dual-Currency Project Bond for Strategic Toll Road a Landmark Debut
Ruta 27’s amortizing USD300mn international 144A/RegS notes and USD50.75mn Costa Rican notes represent its inaugural debut in the international and local Costa Rican debt capital markets.
6 Dec 2017
Latin America Credit Markets Brief: 9 November – 23 November
Brazil to buy back USD1.82bn of sovereign bonds – Pemex issued a GBP450mn bond – Petrobras inked a USD1bn secured loan – Chile holds rates – Electricidad de Caracas defaulted in a 2018 bond – Venezuela gets downgraded to ‘SD’ – Venezulean authorities arrested top Citgo executives – Entre Rios tapped the international markets with a USD150mn
23 Nov 2017
Emerging Markets’ Greatest Bond Villain: Venezuela Enters Record-Breaking Default
In one of the strangest debt crises in recent history, a defiant president Maduro vowed to continue servicing Venezuela’s debt as global ratings and debt settlement agencies declared the sovereign and state-oil giant PDVSA in default. How long can the charade continue?
17 Nov 2017
Brazil: There’s No National Saviour
The Temer administration appears to have lost the communication battle. It has achieved several advances on the economic agenda, and according to Carlos Pereira, this has been achieved at a cost – in terms of cabinet appointments and budget allocations in favour of lawmakers – lower than that paid under previous presidents. All the same, mistrust prevails, with a distorted interpretation of more…
13 Nov 2017