Americas
Strength of Andean Economies Drives Investors to Corporate Debt
Unlike other metals, copper prices have stayed around their January lows, which have led Chile’s Codelco to lower its output. This is unlikely to impact copper prices much, as other Andean countries are ramping up exports of the commodity. The weaker fiscal position of Codelco is actually attracting investment, however, as the assets of Andean nations such as Chile and Peru do not offer…
7 Nov 2016
CASE STUDY: YPF Debuts its First US Dollar-Denominated Argentine Peso-Linked Bond
Argentine energy company Yacimientos Petroliferos Fiscales’ (YPF) dollar-denominated, peso-linked bond was the company’s first such issuance in this asset class. The deal was also the first of its kind since 2007 and remains the only one of its type currently outstanding.
7 Nov 2016
Uruguay’s US$350mn PPP fund drives multibillion infrastructure effort
Uruguay, one of the first countries in Latin America to use PPP funds to finance infrastructure projects, hopes such structures will lay the groundwork for carrying out its 5-year US$12.5bn development plan. The government’s fiscal prudence will play a key role in attracting investment, although lending from China and development banks may also be crucial. The government’s management of such…
1 Nov 2016
CASE STUDY: City of Buenos Aires Successfully Launches US$890mn Bond
The City of Buenos Aires’ benchmark-sized US dollar-denominated bond allowed it to repurchase older debt as well as fund infrastructure projects across the City. The bond comes amid the wave of Argentine issuance following the sovereign’s US$16.5bn issuance, thus capitalising on investor demand for Argentine debt.
31 Oct 2016
CASE STUDY: City of Buenos Aires Makes Local Market Strides
The City of Buenos Aires’ ARS2.06bn (US$150mn) dual-tranche bond saw strong demand from local investors and marked the City’s return to the local debt market for the first time since Argentina secured a deal with its holdout creditors.
31 Oct 2016
Facing the Markets from a Corporate Perspective - Cablevision
Argentine corporates had been locked out of the international capital markets alongside the sovereign for the duration of the country’s negotiations with its holdout creditors. Macri’s administration removed barriers to accessing the international markets, and although both investors and corporates wanted to issue and buy Argentine paper, the first issuance was a step into the unknown.…
31 Oct 2016
Brazil Woos Asian Capital as Spending Cap Moves a Step Closer
After a painful few years, Brazil is returning to the capital markets with a vengeance and the reforms pushed through by Temer’s administration are helping to shape the country’s improved investment climate.
31 Oct 2016
CASE STUDY: Cablevisión kick-starts Argentine corporates borrowing
Argentine TV and broadband provider Cablevisión’s US$500mn 5- year bond was the first corporate issuance to emerge from the country since the sovereign’s return to the international debt capital markets in April, and was also the first corporate to utilise Argentina’s new local securities rules.
28 Oct 2016
Macroeconomic Outlook - Argentina
An overview of Argentina’s economic fundamentals and the drivers of growth going forward
28 Oct 2016
CASE STUDY: Peru’s Local-Currency Bond Sees Appetite from International Investors
On September 29, 2016, the Republic of Peru successfully executed a highly successful record-setting ‘tender/switch’ liability management (LM) and new issue transaction. The new deal allowed Peru to establish a new liquid 12-year local-currency benchmark as well as reduce the country’s US dollar-denominated debt exposure – an aim of the government’s on expectations of a US rate hike either by the…
28 Oct 2016