Brazilian rail logistics leader Rumo S.A. made a strong international capital markets debut with a US$750mn 2024 bond offering that priced at the tight end of guidance despite broader uncertainty around emerging markets.
In 2015, centre-right candidate Mauricio Macri defeated the heir of former president Cristina Kirchner, thus ending almost 12 years of leftist rule. One of its initial promises was to attract foreign investors back to Argentina’s shore. However, over a year has passed and the new government seems to be having problems fulfilling its election promises.
In Autumn 2016, Ultrapar, Brazil’s fourth largest company and one of the biggest downstream operators and fuel distributors, made an emphatic return to the international debt markets following an 11-year absence with a benchmark US$750mn 10-year bond.
As some praise the new public-private partnership (PPP) reforms carried out by the centre-right government of Pedro Kuczynski, others question the impact they may have on construction companies’ abilities to secure financing.
Brazil is really learning how to be modern. This week the Congress approved the new Labour Laws, making up-to-date the labour laws created by President Getulio Vargas over 70 years ago.
Parque Arauco managed to secure the lowest yields of any Chilean issuer on comparable notes with its October 2016 issuance, a transaction that capped off an exciting evolution in the company’s financing strategy.
As the economic outlook in Central America improves, development banks could provide a crucial vehicle through which the region’s sovereigns could achieve more sustainable and inclusive growth. However, restrictive regulatory frameworks and prohibitively small capital markets could provide obstacles as they look to finance new initiatives.
27 Apr 2017
For more than three decades, Chile was the poster child of neo-liberalism, the country that followed diligently the IMF playbook. Such discipline was rewarded with impressive growth and the envy of its Latin American peers. By 2010, pundits predicted that Chile was but a few years shy of becoming Latin America’s first “developed” nation. The latest down-cycle, marked by both low copper prices and the flirting with expanded government, created a new set of obstacles for Chile. The question hovering over voters ahead of the Presidential elections in November is, “Can Chile get its groove back?”
Sigma Alimentos, a leader in refrigerated foods with presence in Mexico, Europe, USA and Latin America, priced a €600mn private placement through its existing curve off the back of strong demand from European investors, which were eager to get a piece of the company’s first investment grade transaction and its first trade in Europe.
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22 May 2017
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17 May 2017