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Americas

CASE STUDY: Key Autopista Al Mar 2 Project Financing Closed Despite Trade Tensions

One of the most recent infrastructure development projects to be closed in Colombia encountered some last-minute hurdles due to the escalation in tensions between the US and China, making it among the most complex financings out of this country in recent years.

23 Oct 2019

Grupo Argos CFO on Sector Strategy, Picking Relationship Banks, and Sustainability

Grupo Argos S.A is a Colombian conglomerate with large investments in the cement and energy industries, with operations in the United States, Panamá, Honduras and the Caribbean, and assets in various sectors from transport to real estate. The Group’s CFO Alejandro Piedrahita spoke with Bonds & Loans to discuss the group’s major businesses, the company’s bold new bid to build a new logistics hub…

15 Oct 2019

HSBC Sees Green ‘Truly Entering Mainstream’ as Chile Takes ESG Funding Innovation to Next Level

Chile’s impeccably timed and well-executed debut foray into the Green bond market set a number of milestones, building on a growing pipeline of Green and ESG-linked transactions in the Americas, and reinforcing the trend that these formats are viable components of the funding toolkit for a broadening range of organisations. More impressively so, Chile executed its inaugural Green issuances in USD…

9 Oct 2019

Usiminas Completes Debt Refinancing, Sees Upside in Steel Demand Despite Oil Price Spike

Back in 2016, Brazilian steel maker Usiminas looked to be entering dire straits: the company was forced to renegotiate 92% of its debt and has been absent from the international bond markets since 2008. But as net debt fell to BRL5.5bn in 2019, its amortisation schedule improved and global funding conditions became more favourable amid rate cuts, the steelmaker returned to the international…

4 Oct 2019

Brazil: The Composition of Growth Matters

One of the consequences of low growth is that the economic recovery is not widespread across sectors. Some continue to perform well in the midst of stagnation – and even contraction, in the case of many others.

1 Oct 2019

Paraguay’s PPP Projects Push Paves the Path to Prosperity

Having survived a rocky stretch following last August’s presidential elections and the Itaipu Dam scandal, Paraguay’s incumbent president Mario Abdo Benítez has embraced the country’s decade-long PPP programme as one of the key drivers in his reforms agenda. He’s piqued the curiosity of international investors – will he now get their full attention?

26 Sep 2019

CASE STUDY: Omega Geração Assurua Wind Purchase Financed with Innovative Four-Part Debenture Scheme

Omega Geração S.A., one of Brazil’s top renewables players, debuted in the local debenture markets earlier this year with a carefully tailored four-part transaction that could serve as a template for corporates looking to finance infrastructure by tapping the country’s diverse liquidity pools.

5 Sep 2019

Brazil: Curb Your Enthusiasm

One of the most important public issues in every country is Social Security. That is normal. Retirement is too serious a matter to be disregarded by the State. Human beings are not always rational and their choices might also be based on subjective factors, such as the importance given to social status. Individuals can choose to consume too much today and not save for retirement. The result would…

29 Aug 2019

Ashmore: The Path to Averting a Default in Argentina

Investors are suddenly much more concerned about the political transition in Argentina, but default is by no means a certainty, argues Ashmore's Gustavo Medeiros, and opportunities abound.

23 Aug 2019

Corruption, Political Deadlock Slow Peru’s Infrastructure Development Progress

As the Odebrecht scandal continues to resonate across Latin America, Peru remains one of the hardest hit regional economies, suffering the fallout both on its political establishment and subdued foreign investment at a time when the public sector is retrenching from key economic segments. The unexpected success of the referendum in January opened a path towards reform that could revitalize the…

19 Aug 2019

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