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22 Oct 2018   Macro, Policy, Americas, Andes, Latin America

Rising Rates, Volatility Force Latin American Banks, Borrowers to Adapt to “New Normal”

Latin American economies are facing a range of complex challenges, both internal and external, as they power through the current election super-cycle – arguably the most significant in the region’s history. Bonds & Loans spoke to a number of Latin America-focussed debt capital markets bankers, rating agencies and law firms in the Americas to get a sense of the major themes and concerns that will dominate the agenda in coming months.

Will Weaker Currencies Help or Hinder EMs? It Depends

With an increasing number of column inches being devoted to the currency rout wreaking havoc on emerging markets, economists and investors suggest looking more closely at the interplay between bond yields, inflation dynamics and real effective exchange rates (REER) provide a better gage of which economies will struggle – and which might thrive – in the current environment.

SWOT Analysis of Colombia’s Credit Markets

Bonds & Loans team spent some time on the ground in Colombia to meet with a broad range of local finance leaders in order to get a sense of the risks and opportunities on the horizon in the Andean country.

ESG Integration and Engagement: South Africa Sovereign Credit

Environmental, social and governance (ESG) indicators are integral to PIMCO’s sovereign credit assessments, which inform our investment decisions. But how exactly do we incorporate ESG considerations into our decisions?

Dufil Prima Foods COO on Financial Strategy, Expansion into Agricultural Segment

Madhukar Khetan, Chief Operating Officer at Dufil Prima Foods, spoke to Bonds & Loans about the Nigerian company’s expansion plans, cost-revenue balance, and the role of the issuance house for the local debt capital market.

Acciona Energy Targets 2000MW Capacity in Mexico and Central America Within 3 Years

Miguel Rubio, Country Manager, for Acciona Energy, a subsidiary of the Spanish renewable project developer Acciona, talks to Bonds & Loans about the company’s joint venture with Tuto Energy following their landmark USD264mn 18-year project finance deal, solar energy production growth, and strategic initiatives in Mexico and beyond.

Under Which Conditions are EM Countries Vulnerable to Economic Contagion Via Currency Volatility?

Jan Dehn, Head of Research at Ashmore, explains why there are two conditions that have to be satisfied before currency volatility can morph into major economic malaise.

The Loan Syndicator: HSBC’s Monica Macia Talks Loan Market Dynamics in the Americas

With an election almost every couple of months in the Americas, it seems 2018 is shaping up to be one of the most politically volatile periods the region has seen in over a decade. Coupled with the increasing de-synchronisation of regional growth and rising prevalence of macroeconomic and political factors globally, how borrowers satisfy their funding requirements through the remainder of the year is coming sharply into focus. We speak with Monica Macia, Head of Loan Syndications, Americas at HSBC about how the loan market is evolving in line with the shifting dynamics on the ground in the Americas.

Between The Spread Podcast: 2008 Financial Crisis - 10 Years On

In the exclusive new Bonds & Loans podcast we chat to Brad Tank, CIO of Neuberger Berman, on the aftermath of the biggest financial crisis the world faced in the past 30 years - and where the global markets are ten years on.

Cape Town Bolsters ESG, but What’s Green Today May Not Be Tomorrow

Cape Town is one of the few municipalities to have issued a green bond, a hugely successful transaction that generated significant oversubscription despite a challenging local market backdrop. We spoke with David Valentine, the Treasury Director and Janine Marion Abrahams, Head of Bank and Treasury Loans, Finance and Treasury Department at the City of Cape Town, about how it prepared for the transaction and why it chose to issue.

 

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