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Due to a toxic combination of regulations, a challenged banking sector and a strained real economy, Brazil’s real-estate sector seems to be feeling downward price pressure from an unlikely candidate – the country’s banks. The curious dynamic has created new opportunities in distressed assets, however.
30 May 2017
New accusations and an incriminating audiotape have piled heat on president Temer and put his reforms agenda in doubt. But whatever the short-term outcome of the latest scandal, the market’s demand for Brazilian debt remains strong, argues Ashmore’s Head of Research Jan Dehn.
24 May 2017
After a challenging year for Brazilian credit markets and a broader lull in the Latin American markets following the US election, Petrobras found a narrow window to launch a US$4bn dual-tranche bond as part of a liability management exercise that was oversubscribed by 5x.
19 May 2017
In summer of 2016 Brazil was able to quickly recover from a recent downgrade, and despite Brexit and US election-related uncertainties managed to set a new 30-year US dollar benchmark with a US$1.5bn sovereign bond, achieving a 25bp discount over its 10-year benchmark set in March same year.
8 May 2017
Economist Zeina Latif warns of the risks of sweeping Brazil’s current problems under the carpet and leaving them for the next administration to deal with.
3 May 2017
Brazil is really learning how to be modern. This week the Congress approved the new Labour Laws, making up-to-date the labour laws created by President Getulio Vargas over 70 years ago.
2 May 2017
As political chaos erupted this week in multiple South American countries, investors must now decide if Latin American sovereigns are still worth the risk.
5 Apr 2017
Although the fiscal crisis is a major cause of Brazil’s recession, by generating higher inflation and feeding fears of a debt default, distortions of the economic system, such as the malfunctioning labor market, greatly aggravated the economic crisis. This is precisely what affects peoples’ lives the most, and can hamper the pace of economic recovery and define the political scenario in 2018.
3 Apr 2017