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21 Aug 2017   Americas, Policy

Capital Market Reform: An Outstanding Bill for Argentina’s Economy

Argentina’s local markets have trailed behind its South American peers for years, and president Mauricio Macri’s ambitious reform package aims to change that; it will depend, however, on him securing enough political capital in October’s midterm elections to pass the legislation through Congress first.

Latin America Credit Markets Brief: 2 August– 16 August

The spread between Mexico's government debt and US Treasuries fell to its lowest levels in 3 years – Zuma Energia secures loan to build wind farm – Michel Temer clings to power – Elections favourable to Macri’s party – Colombia tapped the international markets – Cerro del Aguila issued international bonds – Peru's economy will likely grow 3.8% to 4% –– US enacts fresh sanctions against Venezuela – Mercosur suspends Venezuela

Brazil: An Indecent proposal

The latest tax regularization program proposed initially by the government of Brazil had merits, but its subsequent disfigurement by Congress – turning it into a kind of “default forgiveness” – is going to aggravate fiscal challenges rather than help solve them.

Paraguay’s New Finance Minister on Developing the Local Capital Markets and Green Bonds

Paraguay’s nascent capital markets sprang to life this year off the back of the country’s first cross-border bond sale in four years, part of the government’s strategy to develop the local market. The country’s industrial base and infrastructure ambitions also positions Paraguay very well for the green bond market, potentially opening the South American country up to vast new pools of liquidity. Bonds & Loans speaks with Lea Giménez, the country’s recently appointed Minister of Finance, on this and more.

Latin America Credit Markets Brief: 20 July – 2 August

Mexico’s economy continued to grow in Q2 – Brazil to freeze spending– Petrobras boss arrested on corruption charges – IMF upgrades Argentina’s growth forecast – YPF tapped the international markets with a US$750mn bond – Banco de Bogota issued unsecured notes worth US$600mn – Graña y Montero signed a syndicated loan – US imposed sanctions on Maduro – Banco General issued a 10-year bond – Dominican Republic gets upgrade

Forget Scandals, Brazil Risks Derailing Recovery Through Fiscal Mismanagement

Brazil's fiscal crisis is becoming increasingly pronounced in the deterioration of public services and, if nothing is done, the budget deficit target of BRL139bn this year will not be met.

Brazil: Touching the Wound

In the midst of the greatest fiscal and unemployment crises in the country’s history, Brazil’s federal government, apprehensive about pressure from special interest groups, promised salary increases to civil servants, mainly those at the top echelons. This is perhaps the principal error of Temer’s economic policy.

Signal Versus Noise: The Case of Brazil

Brazil offers a good example which illustrates the difference between signal and noise in investing. A complete mess from a journalistic perspective, Brazil has been one of the best investments in global fixed income markets and continues to offer an attractive investment proposition. We examine why countries with so much bad news can be such excellent investments.

Latin America Credit Markets Brief: July 5 - July 19

CAF approves US$592mn credit facility to Latam nations - Grupo México to get US$1.55bn loan from BBVA and Credit Suisse - A major new oil field discovered in Mexico – Ex-Brazil leader Lula convicted - Brazil's Senate approves labour reform bill - The province of Buenos Aires taps European markets with EUR500mn bond – PDVSA seeks to renegotiate debt

Top Dealmaker: Yamur Munoz, HSBC

Green bonds are well on their way to becoming a mature asset class in the US and Western Europe, but they’re only just starting to take off in Latin America. Yamur Munoz, Director of Debt Capital Markets for HSBC in Mexico, speaks to Bonds & Loans about the progress the country has made in developing the sustainable finance segment and HSBC’s role in bringing green bond issuers to market and helping them overcome some of the asset class’ misconceptions.

 

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