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8 May 2019   Projects, Macro, Policy, Americas, Brazil

HSBC Brazil CEO Sees Funding Opportunities as Turnaround Continues

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.

Latin America Loan Market Heats Up as Hard Currency Liquidity Comes into Focus

Latin American borrowers continue to see strong demand from lenders and investors following a hectic year of elections in many of the region’s largest economies. We speak with Mauricio Voorduin, Managing Director, Latin America Regional Head; David Costa, Managing Director, Head of Latin America Finance; Sara Pirzada, Managing Director, Loan Syndications; and Mark Tuttle, Managing Director, DCM at Mizuho Securities, a regional funding leader, about some of the key trends prevalent in the region’s markets throughout the first quarter of this year, and why it’s never been a better time of borrowers to move into the dollar markets.

Andean Borrowers Cut Through Volatility to Win Big at Bonds & Loans Latin America Awards

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.

Russia Gears Up for Huge Infrastructure Development Push Under Putin’s “May Decrees”

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.

After Elections, Policy Uncertainty, Liquidity Concerns Weigh on Infrastructure Outlook in Americas

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.

CASE STUDY: Al Dur Power & Water Company Secures USD1.34bn Refinancing Despites Headwinds

Following Al Dur Power & Water Company’s (Al Dur) debut project financing transaction in 2009, the project company returned to the financial markets last year to refinance its outstanding debt. Navigating difficult macroeconomic conditions, alongside broader EM volatility, Al Dur secured a complex USD1.3bn refinancing package from an assortment of national and international lenders.

Vive Energía CEO: Securing Cost-Competitive Funding for Wind still a Challenge in Mexico

Mexico has made significant strides in developing and deploying renewables in recent years, but recent regulatory uncertainty has cast a pall over the sector and may start to weigh on the bankability of transactions. Bonds & Loans speaks with Benny Villareal, Chief Executive Officer at Vive Energía about the company’s corporate funding strategy.

GCC CFOs Look Towards ECA Market, Eastward, as Tenor Appetites Stretch Out

Borrowers based in GCC countries are increasingly looking to new pools of liquidity in a bid to satisfy growing demand for longer-term funding. But deepening concerns around the implementation of VAT, rising interest rates and softening demand for emerging market assets continues to weigh on credit markets, according to feedback from borrowers at an exclusive Breakfast Briefing hosted by HSBC and Bonds & Loans at the 2018 Project, ECA and Structured Finance event in Dubai.

CASE STUDY: Lundin Gold Opens Up Ecuador to Project Finance with USD350mn Dual-Tranche Facility

The funding for the project, Lundin Gold’s sole venture in the country and its key source of revenue there, featured a one-of-a-kind structural solution that required extensive collaboration and negotiation between the financing parties and the sponsor.

Interest Rate Uncertainty, Market Volatility Keeping India’s Green Bond Issuers at Bay

With its substantial renewable energy ambitions telegraphed for years, industry practitioners often cite India as a potential major driver for the development of the sustainable finance and green bond segments among its emerging market peers. We speak with Vinod Kothari, a Kolkata-based structured finance advisor about why green bond volumes in India are down year-on-year, and the segments likely to drive issuance in the following financial year.

 

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