Americas
Private Credit in Latin America: Helping SMEs Transition to Corporate Finance
The asset class that first came to prominence in the region several years ago is resurfacing in a big way, driven by investors’ hunger for yield and diversification, helping SMEs and corporates source alternative funding in the meantime. But questions are being asked about the sustainability of private debt were the global environment to deteriorate and liquidity to drain from the market.
28 Nov 2019
Colombia: Latin America’s Shining Star Dims amid Tax Law Setback
As the wave of social unrest spreads across Andes, investors are becoming wary of risks surrounding Colombia. In late October, the government presented a revised tax reform proposal to Congress after the initial bill was overturned due to procedural failings. While the new proposal is expected to pass, questions remain over the fiscal impact of the reform – and what it means for the outlook in…
26 Nov 2019
SWOT Analysis: Privatisation and Domestic Issuances Driving Markets in Brazil
Bonds & Loans examines the strengths, weaknesses, opportunities and threats facing the Brazilian market following a research trip to the region.
22 Nov 2019
What to Expect from Argentina in 2020?
Argentina celebrated the first round of Presidential elections in late October. Investors largely characterized the vote as a kind of referendum between a continuation of market friendly economic reforms by incumbent Mauricio Macri or a comeback to a more interventionist approach by challenging Alberto Fernández, who was leading a Peronist coalition – but there is good reason to believe things…
19 Nov 2019
CASE STUDY: Fibra Uno Secures Latin America’s First Sustainability-Linked RCF
The Mexican REIT followed up its June USD1bn issuance with an impressive USD1.1bn dual-tranche revolving committed credit facility, with the spread linked to pre-agreed sustainability KPIs, an instrument that was the first of its kind in the region.
15 Nov 2019
Off the Record: Low Rates Supporting Issuance Volumes in Latin America as Libor Transition Looms
In 2020, Latin America’s largest markets are largely going be to characterised by picky investors, persistently low yields, infrastructure development, LIBOR-related woes, and socio-political upheaval, according to dozens of bankers, investors, lawyers and credit ratings agencies who spoke with Bonds & Loans on a recent trip to the region. We’ve summarised the top five themes likely to drive the…
12 Nov 2019
As Contempt for Experts and Data Rises with Populism, US Economic Data Gains Focus
The rise of populism has engulfed countries across both developed and emerging markets, placing renewed pressure on state institutions to stay independent – often in the face of overt harassment from strongmen leaders. In the US, whose economic data informs the decisions and forecasts of finance professionals worldwide, the President’s cavalier attitude to facts raises questions regarding the…
8 Nov 2019
Latin American Democratic Institutions Are Under Attack – Should Investors Worry?
October 2019 was a shockingly turbulent month for South America, but what does it mean for international investor sentiment about the region, asks John Price, Managing Director at Americas Market Intelligence.
5 Nov 2019
Brazil: Focus of Debate on Public Spending Needs to Shift
There is often a lack of consensus among economists when it comes to public policy recommendations. While sowing confusion among the ordinary citizens, who cannot tell which side is “right”, this debate is an important element for the functioning of democracy and is healthy for public policy planning, argues Zeina Latif.
1 Nov 2019
Mexico’s Real Estate Sector Builds Momentum Even as Wider Markets Slow
A sleepy summer period for Mexico’s capital markets was awoken by a slew of real estate deals, including bonds issued by Fibra Uno and Terrafina, but the extent to which these issuances reflect sustained resilience and heightened activity in the sector, at a time when a slowing economy is posing challenges for most corporate issuers, remains unclear.
29 Oct 2019