Call us on
+44 (0) 207 045 0920

Infrastructure

22 Feb 2019   Macro, Policy, Africa

Viscous Fiscus: In Pursuit of Reform, South Africa Takes One Step Forward, One Step Back

Markets have hung their hopes on the upcoming 2019 election and the avoidance of a blowout at troubled state-owned utility Eskom as potential reasons for optimism in South Africa, but without a monumental shift in mindset, or an end to the factionalism that has increasingly defined the executive and the ANC, both reform and growth will remain elusive.

China’s Real Estate: EM Analysts on Edge as Great Wall of Redemptions Approaches

With spreads on record volumes of bonds issued by China’s real estate developers widening to near 2009 levels and a softening of the Chinese economy taking hold, some analysts have raised alarm bells – even going so far as to question whether a bubble, which some allege to be brewing, or other big shock to the sector could catalyse the next financial crisis. There is, however, good reason to believe those fears are overblown.

ING: A Global Perspective on Latin America’s Commodity and Infrastructure Markets

Despite a bumpy ride and political uncertainty still weighing heavily on the region’s biggest economies, Latin America remains one of the more rapidly developing regions and holds much promise for global banks. We speak to Willem Sutherland, Head Latin America for ING, about the opportunities and the risks he sees on the horizon in the region.

BlackRock Sees Benefits of NAFTA 2.0 and Government Support for Mexican Infrastructure

While Mexican markets remain on edge with regards to continuity of projects under the new regime, international players, like Blackrock, are encouraged by solid fundamentals and a busy infrastructure pipeline in Mexico and across the region. Bonds & Loans speaks to Juan Alberto Leautaud, the Managing Director, Real Assets and Infrastructure, at BlackRock Mexico.

MTP CFO: Scrapped Airport Project Precipitates Uncertainty for Mexico Corporates’ Funding Plans

Top-tier corporates like Mexico Tower Partners are fairly well-capitalized, with a relatively healthy balance sheets and robust funding plans in the pipeline. But as the new government continues to renegotiate terms with bondholders for the new Mexico City Airport financing, uncertainty in the corporate space lingers. We speak to Gonzalo Cornejo, Chief Financial Officer, Mexico Tower Partners, about the Treasury’s focus areas for the next year.

Top Dealmaker: Natixis’ Helena Radzyminski on Latin America’s Loan Markets

With a slowdown in the bond markets following a jittery 1H2018 for EM and Latin America in particular, loans – especially in local currencies – are coming back into fashion. We speak to Helena Radzyminski, Managing Director, Loan Syndications at Natixis about the bank’s biggest deals over the past year, and strategic initiatives in the region planned for the coming year.

CASE STUDY: Enel Gives Wind to First Project Financing in South Africa’s Local Renewables Market

Nedbank and ABSA Bank were instrumental in helping Enel’s Green Power Division secure ZAR14bn financing for 5 wind farm projects across the country, enhancing the deal with innovative features including a tailored shareholder structure and cross-collateralization between the sub-portfolios.

HSBC Turkey on External Corporate Funding, Asian Capital Links, and Return to Normalcy

Against a fairly challenging market backdrop, borrowers in Turkey have pushed through with a number of landmark transactions in 2018 as they look to prioritize risk and liability management. With an economic recovery on the horizon, we speak Eda Tanyel, Head of Structured Finance at HSBC in Turkey about the credit market outlook for the remainder of the year and beginning of 2019, how corporates are overcoming external funding challenges, and the growing role of Asian investors in the region’s infrastructure pipeline.

InfraCredit CEO: “Current environment slowing down deal decision-making”

With a tangible reduction in deal-flow from Africa on the international markets, infrastructure firms in countries like Nigeria this year have relied on the government and finance specialists to fast-track domestic capital market reforms, which ought to open up new sources of liquidity for the industry. We speak to Chinua Azubike, Chief Executive Officer of InfraCredit, the first 'AAA' rated specialised local currency infrastructure credit enhancement facility in Nigeria, about the state of infrastructure investing in Nigeria and the major influential factors influencing the sector’s outlook.

Unblocking the Bottleneck: Project Finance in Peru

The Andean region has for years been viewed as an upstanding example for its Latin American neighbours in how to manage funding of government initiatives and projects. But corruption scandals and a political stalemate have disrupted the project pipeline, with many initiatives still in a state of arrested development. The challenge for the new administration is to jumpstart the infrastructure programme with a new, reworked concessions deal.

 

More Articles

 

Subscribe