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Infrastructure

17 Dec 2018   Deals, Americas, Latin America

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.

Political Certainty, Sound Economics to Propel LatAm Infrastructure Opportunity Forward

As a region often faced with political and currency volatility – this year more than others in recent time, perhaps – Latin America has seen impressive growth in the volume and range of investment opportunities across the region’s infrastructure landscape.

CASE STUDY: Turkcell Secures Hat-Trick of Currencies in CDB Loan Refinancing

Turkcell, a leading Turkish phone operator, and the China Development Bank (CDB) signed a multi-jurisdictional loan restructuring facility featuring a rare RMB-denominated tranche in a multi-currency 10-year deal.

Winston & Strawn LLP Sees an Opening in Arbitration, Litigation Space across Latin America

As the Odebrecht ordeal and numerous other corruption scandals continued to devastate governments and ravage large corporates in the continent’s biggest economies, from Brazil to Argentina to Peru, international law firms have been seizing the opportunity to bring their litigation expertise and conflict-resolution know-how to the table. We speak to Julissa Reynoso, the former US Ambassador to Uruguay and now a senior litigation and international arbitration partner with Winston & Strawn, about the firm’s focus in the region over the next 12 months.

CASE STUDY: Unique USD175mn Bond/Loan Hybrid Draws US Long Money to Peru’s Cajamarca Project

With the aid of Natixis, which helped set up the innovative hybrid structure, the Peruvian transmission line project was able to attract long-money foreign investors, including major US pension funds.

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.

 

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