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Americas

15 Jun 2018   Macro, Policy, Americas, Brazil

Brazil: The Kids Aren’t Alright

Despite Finance Ministry’s efforts to clean up public accounts and reduce fiscal risk in the future, the strategy for fiscal adjustment, as with the spending cap, has been gradual. As a consequence, one could not discard the risk of creeping insolvency, which could threaten the recently secured economic stability.

As Economy Stumbles, Argentina’s PPP Pipeline Gains Renewed Focus

Tasked with generating over USD26bn in new investment over five years, Argentina’s Public-Private Partnership programme has been hailed by international experts and bankers as world-leading in both structure and ambition. But as the country’s economy – and currency – continue to stumble, fresh questions are being raised about whether it will live up to expectations.

Brazil: Low Selic Rate is Here to Stay

Although the pause in the cuts has come ahead of expectations, the basic interest rate hit an unprecedented level and, this time, it is here to stay. Even if some part of the monetary loosening is temporary, likely to revert when inflation is converging to its goal, there is a good chance of the Selic rate not coming back up to two digits. A key condition for that is the approval of Social Security reform that fends off the risks of public debt insolvency.

Arezzo & Co CFO on Improving Consumer Sentiment in Brazil, and International Expansion

With consumer confidence once again on the rise in Brazil, Daniel Levy, CFO of Arezzo & Co. is optimistic about the company’s fortunes as the shoemaker looks to expand its footprint both within the country and abroad. We speak with Levy about the funding team’s core objectives and the company’s expansion efforts.

CASE STUDY: Albanesi Attracts Traditional Credit PMs to Rare Dual-Tranche Syndication

A testament to solid investor relations, good governance and transparency, Albanesi was able to attract traditional portfolio managers to its latest dual-tranche A/B loan syndication, a rare project finance deal in the country’s power sector.

Brazil: Understanding the Past Key to Building a Better Future

Brazil is still a teenager when it comes to the functioning of democratic institutions: a country that seeks a path to civility, but not without stumbling first.

Nexa Resources CFO: “Brazilian economy has been a positive story, though it’s not homogenous”

Latin American miner Nexa Resources – which recently rebranded from Votorantim Metais – has in the past year completed its dual stock exchange listing, weathered a period of low commodity prices and mining sector strikes in Latin America, and maintained strong fundamentals to step confidently into the new financial year. We speak with Mario Bertoncini, the company’s Senior VP and CFO, about its prospects in 2018.

A Disturbance in the Force: Institutional Frameworks and Vigilantism

The common denominator linking the US Trade War with China, sanctions against Russia and the attacks on Syria was that there were no attempts made to find solutions to these conflicts within multilateral institutions, such as the UN and the World Trade Organisation (WTO). The word used to describe the act of seeking justice outside the formal framework of the law is vigilantism. Vigilantism leads to abuses of power, miscarriages of justice and insecurity. The descent into vigilantism will make the world a less safe place.

Banco Safra’s Chief Economist: High Taxes, Protectionism Still Driving the ‘Brazil Premium’

Carlos Kawall, the lead economist at one of Brazil’s most prominent banks, talks about the improving macro outlook for the country, burdensome tax and labour laws and the dark shadow of looming presidential elections.

Lundin Gold CFO Alessandro Bitelli on Financing Mining Projects in Ecuador

Alessandro Bitelli, Executive Vice President & Chief Financial Officer at Lundin Gold, a Canadian gold miner, talks about the company’s Latin American ventures, a USD300mn deal to finance a project in Ecuador, a further loan syndication and a USD400mn equity transaction, as well as broader market outlook and the impact of politics.

 

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