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Brazil

The Top 10: Latin America’s Deals of the Year

Bookended by a volatile 2018 and an exceedingly turbulent 2020, last year was one of the busiest on record for Latin America’s credit markets, impressing not just by volume and number of transactions but also by their increasing complexity and inventiveness of the structures deployed, making the selections for the Latin America Deals of the Year Awards tougher than ever. Multi-jurisdictional…

1 Apr 2020

Americas Deals Latin America

Loans in Brazil Creep Up as Lockdowns Force Companies to Tap into Credit Markets

Non-earmarked loans increased 1.4% month-on-month in Brazil, while earmarked loans dropped 2.6% in the same period, central bank figures show, with overall loan delinquencies stable at 3% in seasonally adjusted terms.

1 Apr 2020

Latin America’s Governments Rush Through Stimulus Measures to Counter Pandemic Impact

Brazil, Argentina, Peru and Colombia have announced urgent fiscal stimulus measures to compliment monetary policy moves introduced over the past two weeks to sooth markets after a huge spike in volatility.

20 Mar 2020

ESG In Infrastructure: Building a Sustainable Future for Latin America

Sustainability is becoming a crucial consideration in the development of infrastructure across the globe, particularly in Latin America – which is facing one of the biggest infrastructure gaps in the emerging world while also remaining exceedingly vulnerable to the effects of climate change. The region’s top investors and developers explored the nexus of sustainable investing, project…

10 Mar 2020

Growth of Brazilian Economy looks Set to Double 2019 Rate as Recovery Picks Up – BBVA

The Brazilian economy is on track to expand in the first quarter of 2020 with full-year growth expectations also improving, according to economists at BBVA.

31 Jan 2020

Brazil Enjoys Record High Debenture Issuance Despite Regulatory Constraints

With an infrastructure gap estimated at USD50bn annually, Brazil is falling behind many of its regional peers. As the state pulls back from financing projects, private investors are ready and willing to step in – but many tell Bonds & Loans they need a steady and enabling regulatory environment to find their footing in the sector.

24 Jan 2020

Ferroport Debt Refinanced with Alternative Payment Schedules and “Funky” Use of Collateral

Ferroport’s USD350 million project bond issuance and Brazilian debenture bridge financing included very innovative uses of flexible payment profiles and cash escrow accounts. It was also rare 144z/RegS single-offtaker deal, carried out in a jurisdiction that is typically quite challenging for project financings.

22 Jan 2020

Brazil: A Year in Review, and What’s on The Horizon

Recent data suggests that the economy is gaining gradual steam, albeit from a subdued level. But despite the near-term optimism, whether the momentum is likely to be sustained through 2020 is far from clear.

23 Dec 2019

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

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

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

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

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

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