Americas
Juan Pablo Newman, CFO, Pemex - Energy Reforms Open Up New Black-Gold Rush
The energy reforms which are currently under implementation are likely to spur private investment in the oil & gas sector in the near-term. We speak with Juan Pablo Newman, CFO, Pemex, about what benefits the reforms will bring to the company, where the oil giant is looking for funding going forward and what risks could be present in the years ahead.
26 Aug 2016
Mexico’s Head of Public Credit Alberto Torres on Mexico's Funding Strategy for 2017
The Mexican government has been very active in the international capital markets this year with various benchmark-sized transactions. Alberto Torres, Head of Public Credit at the Ministry of Finance discusses these foreign currency-denominated transactions in more detail, as well as the government’s funding strategy for next year.
23 Aug 2016
Peru looking solid but susceptibility to external factors worrying
Peru has become one of the best investment destinations for foreign investors in Latin America. Although the outlook for the country’s economy is improving, Peru’s over-reliance on mining means the it is very susceptible to external factors such as a global economic slowdown or US rate hike.
22 Aug 2016
Optimism surrounds Brazilian reforms, but medium-term outlook questionable
The implementation of much-needed reforms in Brazil will begin to put the country on a positive economic footing, and there are already optimistic signs from the country’s economy and from both the local and foreign investment community. However, strong opposition to certain reforms, and the limited tenor of Temer’s term mean that full reforms are a long way off yet.
18 Aug 2016
Yen-denominated debt in LatAm: Will issuers think twice?
The Japanese yen dipped below 100 against US dollar for the first time since the Brexit referendum result shocked the markets on 24 June this year. With a few brief exceptions, the yen has been on the rise since mid-2015, which could give some Latin American issuers pause when considering the Samurai bond market, particularly given the increasingly prohibitive cost of swaps.
18 Aug 2016
Argentine local capital market reforms likely to boost investment
Further reforms designed to develop the Argentine local capital markets will likely increase both foreign and local investment in the country. Despite concerns about overpriced paper and ‘saturated’ international markets, high-quality paper from the sovereign and top tier corporates will keep investors interested.
17 Aug 2016
CASE STUDY: Pemex marks huge return to Euro market with dual-tranche bond
In March 2016 Petróleos Mexicanos (Pemex) marked its first euro-denominated note sale in more than 11 months with a €2.25bn dual-tranche offering, taking advantage of positive sentiment around oil and FX markets to hit the market at just the right time.
16 Aug 2016
VIDEO: Wilbur Matthews, CEO and CIO, from Vaquero Global Investment
Wilbur discusses how the performance of Brazil’s debt markets have shifted over the past year.
14 Aug 2016
Sovereign bond unlikely to drive up Mexican corporate issuance
The near US$3bn bond issued by the Mexican sovereign demonstrates how in-demand the country’s fixed income assets are. However, unlike in other LatAm countries, there will not be a significant amount of corporate bond offerings as a direct result, as the markets have been open to such entities all year. Nevertheless, a substantial spread rally could see corporates make opportunistic issuances.
9 Aug 2016
The rise of Brazil’s real
Although the appreciation of the Brazilian real is being driven by improving economic fundamentals, there are factors that could cause the currency’s rise to slow. Exporters may suffer, but a stronger real is unlikely to impact investor interest in the country’s assets.
8 Aug 2016