Americas

23 Mar 2017   Americas, Video, Andes

VIDEO: Interview Arthur Rubin, Head of Latin America DCM, SMBC Nikko Securities America, Inc.

Bonds & Loans speaks with Arthur Rubin, Head of Latin America DCM, SMBC Nikko Securities America, Inc. at the Bonds, Loans & Derivatives Andes 2017 conference about the macro-economic risks facing the Andean region, and the credit market outlook in 2017.

Interest Rates in Brazil: If Only It Were That Easy

The concern over high interest rates in Brazil is understandable. It impacts the public coffers in favour of the richest and discourages productive investment. Many analysts argue that the interest rate is too high, and that the main reason for its inaction is pressure from special interest groups, notably the financial market. Although this argument is seductive for its simplicity, it does not jibe with the complexity of the theme.

Odebrecht Could Lead to Stronger Corporate Governance in Latin America

The Odebrecht scandal could be a game changer for corporate governance in Latin America, with investors demanding more transparency in the way the region does business.

Time for Caution on Inflation in Brazil

Inflation targets are widely used by Central Banks throughout the world. In countries with moderate inflation, this regime helps keep inflation well behaved, with less cost to economic activity. In countries with low inflation, the risk of deflation can be mitigated by setting a suitable target. This targeting also makes monetary policy more predictable, contributing to a stable economic environment, but defining an ideal target is an imperfect science at best.

Lack of Information, Regulation, Peso Volatility Holding Green Bonds Back in Mexico

Mexico seems set on becoming a sustainable finance leader, but a lack of information and clear-cut regulations, and an increasingly volatile peso, seem to be holding potential green bond issuers back.

CASE STUDY: Pacifico 3 Lands US$650mn Hybrid Financing Package

Engineered by Goldman Sachs, this first-of-a-kind multi-tranche dual-currency hybrid financing package for the Pacifico 3 highway became the first UVR-denominated issuance in the world and marks a new era in Colombia’s infrastructure PPP financing.

Will Mexico’s Currency Gambit Pay Off?

Few currencies have suffered more since the surprise election of Donald Trump last year than the Mexican peso. Trump made Mexico a cornerstone of his electoral campaign and attacked the Central American country on a number of issues ranging from illegal immigration to the renegotiation of the North American Trade Agreement (NAFTA), which put increasing pressure on the country’s currency and drove the country’s Central Bank to take drastic measures. Will the gambit pay off?

CASE STUDY: Bancolombia Prints First Green Bond Issued by LatAm Private Lender

Bancolombia’s green bond was the first green bond issued by a private financial institution in Latin America and the first green bond in Colombia, potentially opening the market to a slew of local currency-denominated issuances.

CASE STUDY: Suramericana Follows Record-Making Trade with Bridge Loan, Bond

In April 2016 pan-American conglomerate Grupo de Inversiones Suramericana S.A. followed up its record-breaking 2011 bond with a US$550mn issuance, which was used to repay a bridge loan posted a month earlier and fund the acquisition of RSA’s Latin American operations.

Clearing a Path for Local Currency Markets in Latin America

Many Latin American countries are looking to bolster their capital markets and make them more accessible to foreign investors lured to the region in search for higher returns, with clearing and settlement platforms playing a starring role.

 

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