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Infrastructure

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.

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.

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.

Off the Record: South Africa’s Benign Funding Environment a Boon for Some, Challenge for Others

With the October mini budget speech looming, South Africa’s economy and funding environment come sharply into focus; both remain in a precarious state. Analysts, investors, CFOs and Treasurers who spoke with Bonds & Loans on a recent research trip to the region emphasise that the way in which the macro environment evolves, and the way in which the government tackles key issues like land reform, will to a great extent dictate the country’s trajectory over the near, medium and long-term.

MLP Care CFO: Smart Balance Sheet Management Key to Finding Borrowing Windows in Turkey

Turkey’s healthcare industry has moved forward leaps and bounds since the government overhauled the sector in 2003, and the present currency dynamics coupled with high external savings rates and a huge concentration of domestic medical expertise has translated more recently into a health tourism boom – a bright beacon floating in troubled waters. Bonds & Loans speaks with Burcu Öztürk, CFO of MLP Care, a hospital operator, about how the current economic conditions in Turkey have influenced the company’s approach to the markets and its balance sheet.

Mixta Africa CFO on Affordable Housing Initiative, High Cost of Funding and Advice for Borrowers

With pressure on high-yield assets and non-investment grade credit across EMs, Mixta Africa, an African property developer and fast-rising player in the continent’s real-estate market, is doubling down on its corporate principles – including adaptive product development, low cost land acquisition and establishing local communities – to navigate those challenges. Bonds & Loans speaks with Benson Ajayi, Executive Director and Chief Financial Officer for Mixta Africa about this and more.

Interview: Sharjah DMO Director on the Building Boom in UAE, ECA Financing and PPPs

With trade wars and geopolitics-related volatilities engulfing global markets, the GCC finds itself in an unusual role of a relative safe-haven, insulated from the tremors by strong growth and a high oil price. We speak to Tom Koczwara, Director of the Government of Sharjah’s Debt Management Office, about prospects and challenges facing the Emirate.

Odinsa CFO: Colombia’s Economic Tailwinds, New Government to Bolster Existing 4G Pipeline

Colombia is a world leader when it comes to public-private partnerships in the infrastructure sector, and the country’s flagship toll road infrastructure initiative – the 4G programme – is regularly held up as a beacon for other regional economies to replicate. But last year, due in part to eroding economic fundamentals and political volatility, many of the programme’s key projects were hit with bankability issues, causing execution delays among other headaches.

Part II: Idiosyncratic Challenges Weighing on East Africa’s Local Bond Markets Growth

As East African borrowers' access to dollar liquidity, plentiful in the 00s and early 10s, becomes more limited amid central bank tightening across the developed world, infrastructure development looks set to become the new driver for the local debt capital markets in the region. We explore the shift to private markets and potential for new financing instruments in Part 2 of our story.

Central Banks, Sovereign Investors Change Tack on Investing in EM

Sovereign assets and central bank reserves are increasingly finding their way into alternatives and emerging market assets in a bid to boost returns, according to an Invesco survey of 126 sovereign funds and 65 central banks that sheds light on how asset allocations have shifted in recent years.

 

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