Latin America
CASE STUDY: Ultrapar Makes Eurobond Comeback with US$750bn Benchmark Note
In Autumn 2016, Ultrapar, Brazil’s fourth largest company and one of the biggest downstream operators and fuel distributors, made an emphatic return to the international debt markets following an 11-year absence with a benchmark US$750mn 10-year bond.
11 May 2017
CASE STUDY: Brazil Prices Through its 30Y Secondary Curve Despite Volatility
In summer of 2016 Brazil was able to quickly recover from a recent downgrade, and despite Brexit and US election-related uncertainties managed to set a new 30-year US dollar benchmark with a US$1.5bn sovereign bond, achieving a 25bp discount over its 10-year benchmark set in March same year.
8 May 2017
CASE STUDY: Parque Arauco Secures Lowest Yields in Chilean Corporate Bond Market to Date
Parque Arauco managed to secure the lowest yields of any Chilean issuer on comparable notes with its October 2016 issuance, a transaction that capped off an exciting evolution in the company’s financing strategy.
28 Apr 2017
CASE STUDY: EU Investors Take Big Bite out of Sigma Alimentos’ €600mn Private Placement
Sigma Alimentos, a leader in refrigerated foods with presence in Mexico, Europe, USA and Latin America, priced a €600mn private placement through its existing curve off the back of strong demand from European investors, which were eager to get a piece of the company’s first investment grade transaction and its first trade in Europe.
24 Apr 2017
Chile: An Emerging Market Faces Developed Market Challenges
Chile is forecasting slower than anticipated growth throughout 2017 as the country makes its way towards fresh elections in November. How is the slowdown affecting the banking sector and investor perceptions of Chile? We speak with Emiliano Muratore, CFO at Banco Santander-Chile for more on this and the bank’s fundraising strategy.
21 Apr 2017
CASE STUDY: BancoEstado Clinches Two Firsts with JPY Women Bond
In the Summer of 2016 Banco del Estado de Chile (BancoEstado) became the first South American issuer to place a social bond outside of the country, and the first to issue 10-year notes in the Japanese market.
20 Apr 2017
As Chilean Economy Cools, Corporates Target Hedging
Managing the financing strategy for any company, whether a large multinational or small start-up, is challenging during the best of times, and when an economy slumps, most CFOs will tell you that how you come out during an upturn largely depends on how you position yourself before the downturn.
19 Apr 2017
CASE STUDY: Santander Chile Breaks New Ground with Country’s First Corporate Formosa Bond
Banco Santander Chile became the first Chilean corporate to issue a Formosa bond, battling a fairly volatile global macroeconomic environment to secure aggressive pricing for the bank’s debut.
12 Apr 2017
CASE STUDY: Pacifico 3 Lands US$650mn Hybrid Financing Package
Engineered by Goldman Sachs, this first-of-a-kind multi-tranche dual-currency hybrid financing package for the Pacifico 3 highway became the first UVR-denominated issuance in the world and marks a new era in Colombia’s infrastructure PPP financing.
14 Mar 2017
CASE STUDY: Bancolombia Prints First Green Bond Issued by LatAm Private Lender
Bancolombia’s green bond was the first green bond issued by a private financial institution in Latin America and the first green bond in Colombia, potentially opening the market to a slew of local currency-denominated issuances.
13 Mar 2017