Argentina’s Government is Electrifying the Power Sector, but Risks Remain

When Mauricio Macri took office, one month’s electricity bill was cheaper than a coffee for the medium-income inhabitant of the city of Buenos Aires. Porteños (the citizens of Buenos Aires) were accustomed to having their air conditioning turned on for the entire day while at the same time opening the windows of their apartments to rebalance the temperature. Meanwhile, electricity users in this…

11 Sept 2017

Industrial Action Threatens Reforms, Economic Performance Across Latin America

As Latin America’s political leaders are forced to enact painful reforms to put region back on a path to growth, some are concerned that social discontent could hold them back.

1 Sept 2017

Latin America Credit Markets Brief: 17 August – 30 August

Britain plans to double trade with Panama and Colombia – El Puerto de Liverpool tapped the local markets with a MXN10bn dual tranche bond – BNDES to transfer funds back to the government – Vale redeems 2019 notes – Argentina to tap the international markets again – Argentina holds rates – Crystallex to seize PDVSA assets –– Chile’s outlook gets downgraded – Jamaica to tap its 2028 and 2045 notes

30 Aug 2017

Capital Market Reform: An Outstanding Bill for Argentina’s Economy

Argentina’s local markets have trailed behind its South American peers for years, and president Mauricio Macri’s ambitious reform package aims to change that; it will depend, however, on him securing enough political capital in October’s midterm elections to pass the legislation through Congress first.

21 Aug 2017

Latin America Credit Markets Brief: 20 July – 2 August

Mexico’s economy continued to grow in Q2 – Brazil to freeze spending– Petrobras boss arrested on corruption charges – IMF upgrades Argentina’s growth forecast – YPF tapped the international markets with a US$750mn bond – Banco de Bogota issued unsecured notes worth US$600mn – Graña y Montero signed a syndicated loan – US imposed sanctions on Maduro – Banco General issued a 10-year bond –…

2 Aug 2017

Argentina: EM Urgency to Find Sustained Growth

Today, Argentinian macroeconomic discourse is focused on the most urgent: short-term themes such as the persistence of inflation, the evolution of interest and exchange rates, the speed of economic recovery, and size of the fiscal deficit. But broader progress is needed to set the country on path to sustainable growth.

31 Jul 2017

Will Argentina’s Unions Stand in the Way of Macri’s Reforms?

The Argentinian labour unions are among the most powerful in the region; old allies of the Peronist Party, they are well known for the ability to take out presidents. So as conservative president Mauricio Macri tries to implement “market friendly” policies, will the unions stand in his way?

21 Jul 2017

Latin America Credit Markets Brief: July 5 - July 19

CAF approves US$592mn credit facility to Latam nations - Grupo México to get US$1.55bn loan from BBVA and Credit Suisse - A major new oil field discovered in Mexico – Ex-Brazil leader Lula convicted - Brazil's Senate approves labour reform bill - The province of Buenos Aires taps European markets with EUR500mn bond – PDVSA seeks to renegotiate debt

19 Jul 2017

Argentina’s Corporate Debt Reaches a Crossroads

Issuances by Argentinian corporates have received a lot of attention from international investors since the country returned to the capital markets in 2015. But as Latin America’s fourth largest economy continues to underperform, some ask how long will the rally last?

14 Jul 2017

Latin America Credit Markets Brief: June 22 - July 5

Global debt reaches US$21tn – Mexico’s Central Bank completes annual hiking cycle – Brazil’s Temer indicted with corruption charges – Banco Mercantil del Norte places US$900mn – Argentina’s Cordoba province taps international markets with US$450mn bond – Colombia Movil closes US$300mn syndicated loan – Ecuador downgraded by S&P from ‘B’ to ‘B-‘ – Discounted Venezuela bonds now trading on Wall…

5 Jul 2017

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