Doris Capurro, President, CEO & Founder, Luft Energia talks to Bonds & Loans about the company’s renewable energy development plans, and its bid to tap into multilateral development institutions and export credit agencies to help finance the next wave of projects in the pipeline.
Brazil’s current account balance came in at a surplus of USD435mn in June, below the USD1.3bn surplus registered in the same month last year.
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.
Nexxus Capital, a Mexican private equity fund, has been at the forefront of helping bring to market small and medium-sized firms with high exposure to the local market, as well as those in southern Europe. We spoke to Roberto Langenauer, Managing Partner and CFO of Nexxus about their innovative approach to raising capital, and the increasing role of Mexican pension funds, known as Afores.
The Chilean lender maintained its leading role in the country’s ESG space and continued to promote financial inclusion with the first social bond to hit the local market, priced at CLP50bn, or equivalent of USD83mn.
Economic data has taken a turn for the worse in Brazil following a nationwide truckers’ strike in May and early June that crippled economic activity. Industrial production recorded the largest contraction in almost 10 years in May, and the manufacturing PMI plunged into contractionary territory in June.
There are many potential triggers or combination of triggers that investors monitor – increasingly now given where we are in the current cycle – to try to predict when the next recession will arrive. It is hard to pinpoint specific causes historically aside, perhaps, from catastrophic policy (fiscal or monetary) mistakes or unanticipated global economic shocks. The reality is that many of the potential triggers themselves are inter-related and can result from a recession rather than indicate that a recession is imminent.
As Mexico continues to show resilience in the face of multiple external challenges, including stalemate in the NAFTA negotiations, pressure on the EM currencies from a rallying dollar and global trade wars, its debt capital markets have largely switched into a wait-and-see mode. But issuance windows offer plenty of opportunities, so we speak to Juan Pablo Newman, the Head of Public Credit at the Ministry of Finance, about DCM prospects and a broader outlook for the country’s issuers and borrowers.
It has been a tough start to the year for emerging market bonds, but things are looking up as we head into 2H 2018 – you just need to know where to look.
- Brazil: Lessons from the Dollar
- Trump’s Trade War with China: Impact on EM FX and Rates
- SWOT Analysis: Mexico Elections and Beyond
- Brazil: A Bond with the Public
- Brazil: The Difference a Good Team Makes