Latin America
Odinsa CFO: Colombia’s Economic Tailwinds, New Government to Bolster Existing 4G Pipeline
Colombia is a world leader when it comes to public-private partnerships in the infrastructure sector, and the country’s flagship toll road infrastructure initiative – the 4G programme – is regularly held up as a beacon for other regional economies to replicate. But last year, due in part to eroding economic fundamentals and political volatility, many of the programme’s key projects were hit with…
7 Aug 2018
Nexxus Capital CFO on Mezzanine Financing, CERPIs, and Looking Past Political Noise
Nexxus Capital, a Mexican private equity fund, has been at the forefront of helping bring to market small and medium-sized firms with high exposure to the local market, as well as those in southern Europe. We spoke to Roberto Langenauer, Managing Partner and CFO of Nexxus about their innovative approach to raising capital, and the increasing role of Mexican pension funds, known as Afores.
1 Aug 2018
CASE STUDY: BancoEstado’s CLP50bn Bond Continues Chile’s ESG Story
The Chilean lender maintained its leading role in the country’s ESG space and continued to promote financial inclusion with the first social bond to hit the local market, priced at CLP50bn, or equivalent of USD83mn.
26 Jul 2018
Brazil Economic Outlook: Weighed Down
Economic data has taken a turn for the worse in Brazil following a nationwide truckers’ strike in May and early June that crippled economic activity. Industrial production recorded the largest contraction in almost 10 years in May, and the manufacturing PMI plunged into contractionary territory in June.
25 Jul 2018
Juan Pablo Newman on Mexico’s Elections, Peso’s Resilience and Samurai Bonds
As Mexico continues to show resilience in the face of multiple external challenges, including stalemate in the NAFTA negotiations, pressure on the EM currencies from a rallying dollar and global trade wars, its debt capital markets have largely switched into a wait-and-see mode. But issuance windows offer plenty of opportunities, so we speak to Juan Pablo Newman, the Head of Public Credit at the…
17 Jul 2018
EM Bond Outlook: Better 2H 2018 Expected
It has been a tough start to the year for emerging market bonds, but things are looking up as we head into 2H 2018 – you just need to know where to look.
12 Jul 2018
Brazil: Lessons from the Dollar
Which way will the dollar go? Economists don’t have sufficiently robust instruments to answer that question.
10 Jul 2018
SWOT Analysis: Mexico Elections and Beyond
As Mexico voted in the new president, Bonds & Loans met with a broad range of local finance leaders, corporate chiefs and state officials to discuss the market outlook and get a sense of the risks and opportunities on the horizon.
4 Jul 2018
From Argentina to Turkey, Warning Signs for EM Debt Put Central Banks on High Alert
The first half of 2018 has seen a wobble in the multiyear emerging market rally, with local currencies feeling the heat and capital inflows dropping in recent months amid rising US interest rates, a strong dollar and global geopolitical and trade tensions. As weaker economies begin to feel the pain, EM monetary policies come out of sync – and as ever, central banks are facing some tough decisions.
29 Jun 2018
Brazil: A Bond with the Public
The desired renovation in politics is not for now. Partly because the electoral rules act to reinforce the competitiveness of the big parties and politicians now in office. A trajectory like that of Macron in France would face many difficulties in Brazil.
28 Jun 2018