Latin America
For Bond Bankers and Capital Markets Experts, MIFID II Raises More Questions than Answers
As Europe continues to steam ahead towards the 3 January implementation date for the Markets in Financial Instruments Directive II (MiFID II), the continent’s ambitious sequel aimed at making its financial industry safer and more transparent, a lack of certainty around how the rules will be applied is putting bond bankers on edge and prompting difficult questions about how the banking sector is…
18 Dec 2017
CASE STUDY: Petroperú Goes Long with USD2bn Dual-Tranche Debut Bond
Peru’s state-owned petrol company boldly stepped into the market with 15- and 30-year tranches – which at USD2bn makes this the largest corporate debut bond from Latin America.
14 Dec 2017
Colombia: A New State of Play
The administration of President Juan Manuel Santos is entering its final stretch with presidential elections next year, prompting Colombia Gold Letter to take the pulse of sentiment in the mining and exploration sector on several key issues.
13 Dec 2017
Off The Record: The Top 5 Emerging Market Credit Trends in 2018
It has been a stellar year for emerging market credit, with most of the key benchmark indices outperforming and EM fundamentals broadly improving – while the global economy continues to heat up. But with QE – one of the main forces driving yield-hungry investors into EMs – winding down, a slew of EM elections on the horizon, and uncertainty over the direction of large developed economies like the…
7 Dec 2017
CASE STUDY: Autopista del Sol's Dual-Currency Project Bond for Strategic Toll Road a Landmark Debut
Ruta 27’s amortizing USD300mn international 144A/RegS notes and USD50.75mn Costa Rican notes represent its inaugural debut in the international and local Costa Rican debt capital markets.
6 Dec 2017
Latin American Governments Welcome Back Miners With Open Arms, Local Communities Less So
2017 marks the first year since 2013 that mining majors are seriously kicking the tires of Latin American mining assets. Revitalized miner balance sheets, positive trending metal prices and welcoming gestures from national governments all fuel the rising appetite for acquisitions in Latin America.
4 Dec 2017
Emerging Markets FX Technical Picture: How Far Can This Correction Go?
How far can this EM FX correction go? Since mid-November, the greenback has been broadly softer due to a variety of factors. EM FX has taken advantage of this, and the top EM performers are ZAR (+5.5%), MXN (+3.8%), and RUB (+3%). TRY has been noticeably lagging, -1.4% since November 15. Many EM currencies are starting to bump up against key chart points, and so the dollar may finally get some…
1 Dec 2017
Latin America Credit Markets Brief: 9 November – 23 November
Brazil to buy back USD1.82bn of sovereign bonds – Pemex issued a GBP450mn bond – Petrobras inked a USD1bn secured loan – Chile holds rates – Electricidad de Caracas defaulted in a 2018 bond – Venezuela gets downgraded to ‘SD’ – Venezulean authorities arrested top Citgo executives – Entre Rios tapped the international markets with a USD150mn
23 Nov 2017
Emerging Markets’ Greatest Bond Villain: Venezuela Enters Record-Breaking Default
In one of the strangest debt crises in recent history, a defiant president Maduro vowed to continue servicing Venezuela’s debt as global ratings and debt settlement agencies declared the sovereign and state-oil giant PDVSA in default. How long can the charade continue?
17 Nov 2017
Brazil: There’s No National Saviour
The Temer administration appears to have lost the communication battle. It has achieved several advances on the economic agenda, and according to Carlos Pereira, this has been achieved at a cost – in terms of cabinet appointments and budget allocations in favour of lawmakers – lower than that paid under previous presidents. All the same, mistrust prevails, with a distorted interpretation of more…
13 Nov 2017