Bonds & Loans spoke to Felipe Bomfim, Director at Patria Infrastructure, on pensions reform, festering growth of local capital markets and why the glass is always half-full for investors doing business in Brazil.
Hadley Peer Marshall, Managing Director of Infrastructure Debt at Brookfield speaks with Bonds & Loans about managing local currency constraints when investing in infrastructure in Latin America, and new sectors generating investment opportunities.
When the economy suffers, real estate is often among the first sectors to feel the pinch – and South Africa, where growth has stagnated amidst a hitherto volatile political landscape, is no exception. As the country’s recent election outcome heralds renewed optimism in the economy, we speak with Dirkje Bouma, Group Treasurer at Growthpoint Properties Limited, one of the country’s leading real estate companies, about its approach to funding innovation and generating new revenue streams in a tough market.
26 Jun 2019
With the local economy starting to turn a corner and new regulations and incentives coming on stream, UAE-based property developers have much to celebrate. But looking beyond the large publicly-traded Emaars and Damacs of the region, many smaller developers appear caught in a low liquidity environment unlikely to ease anytime soon. This is prompting many to hunt for alternative sources of funding, often for the first time.
As key reforms progress through the various arteries of Brazil’s governments, most investors and lenders remain resolutely optimistic about the market’s prospects – few more than HSBC, which recently announced its intention to significantly expand its presence in the country and re-establish itself as one of its top international banks.
Despite a slowdown in some of the Andean region’s powerhouse economies and souring emerging market investor sentiment, many borrowers were unperturbed and moved into markets with inaugural, innovative transactions through much of last year. We take a closer look at some of the transactions originating from the region that won top prize at this year’s Bonds & Loans Latin America Awards.
The ASEAN economy opened up the 2019 EM sovereign bond season with an impressive USD1.5bn placement, but generous spending plans for the infrastructure push and a reshuffle atop the Central Bank risk blowing the Philippines’ deficit out of control – unless capital inflows catch up.
The Russian government is developing a USD400bn roadmap for a massive economic overhaul in a bid to boost living standards and spur activity in key segments of the economy. Attracting that kind of investment is already looking like a mammoth task, particularly given some of the recent political moves clouding the country’s business climate.
The dust is beginning to settle following one of the busiest election years in Latin America’s recent history, but concerns around policy reversals and a lack of sufficient liquidity in certain markets could mean infrastructure developers and investors focused on some of the region’s largest economies may not particularly like what they see. The early signs are worrying, to say the least.
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
- ING: A Global Perspective on Latin America’s Commodity and Infrastructure Markets
- BlackRock Sees Benefits of NAFTA 2.0 and Government Support for Mexican Infrastructure
- MTP CFO: Scrapped Airport Project Precipitates Uncertainty for Mexico Corporates’ Funding Plans
- Top Dealmaker: Natixis’ Helena Radzyminski on Latin America’s Loan Markets
12 Jul 2019