Latin America
Mexican Borrowers Clean Up at This Year’s Latin America Deals of the Year Awards
Mexico’s political environment and markets experienced unprecedented levels of volatility in 2018, but against that backdrop borrowers took to the markets to launch landmark transactions that still broke barriers and paved the way for others to follow.
6 Feb 2019
CASE STUDY: Frontera Completes Restructuring with Debut Dollar Market USD350mn Bond
The Canadian oil company navigated a challenging market backdrop to place an upsized USD350mn bond, its first in the USD market, to finance its operational investments in the Andean region, refinancing all of its outstanding 2021 notes in the process.
28 Jan 2019
Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead
EM FX ended last week on a firm note, fueled by news that the US shutdown was ending (at least temporarily). This week brings some potential for more positive headlines regarding Brexit, US-China trade talks, and Fed policy. Yet all three could pose negative risks too. We believe the US rates markets still need to normalize before the dollar can get significant traction.
28 Jan 2019
Brazil: Beware of the Pitfalls Macron and Macri Could Not Navigate
As the new administration begins to enact its economic vision, Zeina Latif warns the Bolsonaro-appointed finance minister Paulo Guedes that a half-measure approach could undermine the fiscal rebalancing of Brazil.
24 Jan 2019
Brown Brothers Harriman: Emerging Markets Preview for the Week Ahead
EM FX ended the week on a soft note, as the dollar remains resilient. While a softer US interest rate outlook benefits EM, we think this is offset by the deteriorating global growth outlook. The IMF will release its updated World Economic Outlook Monday, which is likely to highlight the growing downside risks.
21 Jan 2019
Terrafina Maintains Well-Balanced Accounts Ahead of a Volatile 2019
Mexico-based real estate investor Terrafina has grown at a considerable rate over the last five years, supported by a well-balanced business model that ought to help it reap the benefits of the rapid growth of Mexico’s property markets during that same period. But market uncertainty and tough external conditions are pushing the company to adjust its plans, says the company’s CFO Carlos Gomez.
16 Jan 2019
CASE STUDY: Lundin Gold Opens Up Ecuador to Project Finance with USD350mn Dual-Tranche Facility
The funding for the project, Lundin Gold’s sole venture in the country and its key source of revenue there, featured a one-of-a-kind structural solution that required extensive collaboration and negotiation between the financing parties and the sponsor.
15 Jan 2019
Brazil: Nothing Is as Simple as It Seems
For many in Brazil, the appointment of Sérgio Moro to the Ministry of Justice was a great move – particularly from a political standpoint. The judicial class, however, seems to be more critical. As ever, reality is likely to be found somewhere in between.
15 Jan 2019
Duet Group: “Frontier Countries Growing in Spite of Governments, Not Because of Them”
In an exclusive interview with Bonds & Loans, Joe Delvaux, Senior Fund Manager at Duet Asset Management, delves into frontier markets, assessing their performance in 2018, providing insight into investor sentiment on broader EM assets, and takes a glimpse into what 2019 might bring.
14 Jan 2019
Bonds & Loans Latam CFO Survey: Smoothing Out the Volatility
Latin America’s CFOs, Treasurers respond to rising uncertainty by shifting back to loan markets, prioritise liability management.
10 Jan 2019