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CFO Insights

Enel Americas CFO: ‘These are Challenging Times, but a Unique Learning Opportunity Too’

In an exclusive interview Bonds & Loans spoke to Aurélio Bustilho de Oliveira, CFO Enel Américas, about ESG, deleveraging and coping with the impact of the pandemic while also supporting the supply and value chains.

21 May 2020

Americas Energy CFO Insights

Off the Record: CFOs and Treasurers Target Working Capital Management and Supply Chain Support as Lockdowns Grip Markets

While governments and multilateral agencies announce a raft of measures to support businesses, banks, and individuals, UAE-based CFOs and treasurers batten down the hatches as focus shifts towards liquidity management, supplier support, and cost reduction.

29 Apr 2020

Vive Energia: ‘In Times of Crisis, All You Can Do is Push Ahead’

Vive Energia, a Renewable Energy Development Company and Consulting Firm, is going ahead with a number of wind and solar energy projects across Mexico, even as volatility engulfs global markets and liquidity drains out of EM assets. Jose Antonio Aguilar, Principal at Vive Energia, talks about pros and cons of project financing, the idiosyncratic challenges of the energy sector in Mexico and the…

17 Apr 2020

CFOs and Investors Say AMLO Administration Needs to Build Mexico’s Story in its “Second Season”

Investors and CFOs attending an exclusive roundtable discussion organized by Bonds & Loans and HSBC on the sidelines of the Bonds, Loans & Derivatives Conference in Mexico City in February expressed cautious optimism about the economy in 2020, noting that early successes found in the government’s strong fiscal discipline and its successful negotiation of the USMCA could become the building blocks…

8 Apr 2020

Latin American Borrowers Brace for Volatility, Draw Down Credit Lines

Mexico’s Televisa and Brazil’s Vale are the latest corporates to make use of any credit available to them in what is likely to be a slew of regional and emerging market borrowers looking to shift into capital conservation mode in a turbulent market.

26 Mar 2020

Interview: Fermaca CFO on Funding Plans and Opportunities in Mexico’s Infrastructure Sector (Spanish)

Fermaca is a leading operator of gas infrastructure in Mexico, which builds, owns and operates pipelines and other related energy assets in the country. Daniel Elguea, Chief Financial Officer of Fermaca, discusses the company’s performance in 2019, the Treasury’s objectives for 2020 the outlook for the infrastructure sector in Mexico.

24 Mar 2020

DAE Recommends Buying its Own Dip in Bond Repurchasing Boost

Dubai Aerospace Enterprise (DAE) has touted its bond repurchasing programme in a bid to shore up demand for its outstanding notes, a move that could be replicated by other regional issuers seeing a drop-off in credit demand.

3 Mar 2020

MENA Borrowers Weigh Costs and Benefits of Debut DCM Deals as Appetite for Funding Diversification Grows

CFOs and Treasurers from across the region are looking at ways to diversify their funding base and reduce their dependence on the region’s deep-pocketed lenders, with the debt capital markets – which has grown leaps and bounds over the past decade – looking increasingly likely to be the dominant means of doing so. But how to shift internal cultures around disclosure, engage new investors, and…

20 Feb 2020

Sovcombank Sees Opportunities in Russia’s National Projects, Retail, and Green Finance

A number of large Russian banks were briefly teetering on the edge three years ago, as the industry was hit by a wave of bankruptcies and bad headlines. What followed was a five-year cleanse of the sector by the Central Bank and affiliated government agencies, and those lenders that came out unscathed at the end of it are now reaping the benefits of a less crowded and more stable industry. One of…

14 Feb 2020

Angola’s Minister of Finance on Privatisations, Following Through on Free Trade, and Managing the Tricky Balance between Economic Diversification and Oil Dependence

While João Lourenço’s government continues to dominate the headlines - for highly visible corruption indictments against his predecessor José Eduardo dos Santos, his family, and associates - Vera Daves de Sousa, Angola’s young and resolutely optimistic Minister of Finance, is working hard behind the scenes to chart a more financially sustainable path for the country following years of economic…

13 Feb 2020

Termocandelaria CEO, CFO on Colombia’s Rising Energy Capacity, Funding Plans, and Importance of ESG for Renewables Companies

In January 2019 Termocandelaria, the largest non-hydro power generation company in Colombia tapped the international capital markets for the first time with a USD410mn offering of 7.875% senior notes due 2029, marking the first corporate high-yield bond out of Latin America that year. A year on to the day, Termocandelaria re-tapped its existing bond for a further USD186mn at an impressive 110% of…

6 Feb 2020

SQB Opens Up Uzbekistan’s Corporate Bond Market with Finance Ministry’s Guidance

Uzbekistan’s oldest lender, state-owned SQB, issued its inaugural Eurobond months after the sovereign made its international market debut. Bonds & Loans speaks to Odilbek Isakov, the Deputy Finance Minister of Uzbekistan, and Aziz Voitov, the Chairman of SQB, about the challenges of fast-tracking the development of debt capital markets in frontier economies – where issuers are queuing up to take…

29 Jan 2020

Sabanci CFO on the Pivot Towards High-Tech and Broadening Access to Long-Term Funding

Large firms often fear getting outshone by their smaller and more nimble rivals, but Sabanci Holding – one of Turkey’s largest industrial and financial conglomerates – has recently emerged from a period of deleveraging to go on the offensive, making a series of strategic acquisitions and capitalising on emerging market opportunities that place technology at the centre of its growth strategy over…

19 Dec 2019

SRC CEO on Balancing Funding, Increasing Home Ownership, and Avoiding Western-Style Hubris

The Saudi government has set itself the ambitious task of turning roughly 70% of the population into homeowners, leading to a rapid step-up in mortgage provision and bolstering the need for balance sheet solutions required to keep the all-important liquidity wheel turning. That’s where Saudi Real Estate Refinance Company (SRC) comes into the picture. We speak with Fabrice Susini, the CEO of SRC,…

4 Dec 2019

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