Brazil
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
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
Brazil: Between Good Intentions and Harsh Reality
Privatization and asset sales are on the agenda for the Bolsonaro administration as it seeks to restore the fiscus; but time is running short for the government to start delivering, warns Zeina Latif.
24 Sept 2019