The decline in the Dollar versus Emerging Markets (EM) currencies began two years ago with more room to run, in our view. The unwinding of QE policies in the coming years will continue to weigh on the Dollar, and EM stands to benefit as capital inflows to EM ease important financial constraints. This should unleash stronger domestic demand and eventually more rate hikes than the Fed will deliver.
8 Feb 2018
If volumes are anything to go by, 2017 was a watershed year for green bonds, with the market seeing more than USD130bn of these securities issued globally. Emerging markets saw their fair share of firsts, including Latin America’s first sustainability bond, and the first green bond in Africa, while China continued to dominate the supply pipeline
2 Feb 2018
The IIC, IFC and Rabobank helped Renova, one of the world’s most competitive and highly efficient soy product producers, secure USD410mn financing package to expand capacity, stretch out its debt profile, and reaffirm investors’ interest in Argentina’s corporate credit universe.
24 Jan 2018
I have covered Paraguay since 2004, when I was working for Merrill Lynch. At that time, to open a relationship in Paraguay and get all approvals from compliance was a nightmare. The ROI was amazing, but the headache given by the account was three times greater than any other country in the region, too. Since 2003, however, Paraguay changed a lot.
22 Jan 2018
Invenergy’s 70-megawatt Campo Palomas wind project, located in the Salto Department of Uruguay, launched an investment-grade USD135.8mn in the US Private Placement Market. Campo Palomas is Invenergy’s first project in Uruguay as it continues to expand its presence in Latin America.
18 Jan 2018
The golden rule of the public accounts establishes that the federal government can only issue debt for investment and refinancing of the existing debt, not to pay current expenses. It is a good constitutional rule, because it forbids one generation from creating debts resting on future generations to pay for a profligate state.
17 Jan 2018
2017 has been an amazingly profitable year for investors in emerging and frontier markets. As uncertainty takes hold, driven by a hawkish Fed outlook and China's slowdown, Mark Mobius, the outgoing Chairman of Franklin Templeton's Emerging Market Group, takes a parting shot at predicting what the coming year has in store for the markets.
12 Jan 2018
The Lazaro Cardenas Port Logistics (LCPL) project’s complex financing structure, including dual bank and bond financings, allowed the borrower to navigate around construction risks and achieve the full 15-year tenor.
11 Jan 2018
It’s possible that never before in Brazil’s economic history has the short-term performance been so central to defining the country’s destiny as it is now.
10 Jan 2018
The Talara Refinery is Petroperú’s flagship project and one of the most strategically important infrastructure initiatives in Peru’s oil and gas sector. We speak with Petroperú CFO Carlos Adrian Linares Penaloza about the funding strategy behind the project, and how the company overcame some delays and roadblocks along the way.
3 Jan 2018