Ruta 27’s amortizing USD300mn international 144A/RegS notes and USD50.75mn Costa Rican notes represent its inaugural debut in the international and local Costa Rican debt capital markets.
Brazil to buy back USD1.82bn of sovereign bonds – Pemex issued a GBP450mn bond – Petrobras inked a USD1bn secured loan – Chile holds rates – Electricidad de Caracas defaulted in a 2018 bond – Venezuela gets downgraded to ‘SD’ – Venezulean authorities arrested top Citgo executives – Entre Rios tapped the international markets with a USD150mn
In one of the strangest debt crises in recent history, a defiant president Maduro vowed to continue servicing Venezuela’s debt as global ratings and debt settlement agencies declared the sovereign and state-oil giant PDVSA in default. How long can the charade continue?
The Temer administration appears to have lost the communication battle. It has achieved several advances on the economic agenda, and according to Carlos Pereira, this has been achieved at a cost – in terms of cabinet appointments and budget allocations in favour of lawmakers – lower than that paid under previous presidents. All the same, mistrust prevails, with a distorted interpretation of more or less any initiative undertaken by government.
Bonds & Loans speaks with Mauricio Acosta, Director of Treasury and Javier Dorich Doig, Market Analysis and International Sales Manager at Banco de Bogotá about the bank’s funding strategy for next year and the outlook for the Colombian economy as the country seeks to break its longstanding dependency on oil.
Taking advantage of positive investor sentiment, Mexican corporates and the sovereign hit the local and international markets en masse in recent weeks. But with analysts forecasting an increasingly volatile 2018 for Latin America’s second-largest economy, the evolving political environment and NAFTA negotiations are casting a cloud over the pipeline.
Nafin to return to the yen market – CFE issued a triple-tranche bond in the local market –Petrobras gets upgraded – Gerdau sold USD650mn in fresh debt – Argentina raises rates – Consumer prices to fall in Peru – The IMF might bail out Venezuela – PDVSA´s assets continue to rally – Guatemala gets downgraded – Bancolombia issued a ten-year bond
The past 15 years in Brazil were marked by retrogression in the electricity sector, with questionable investments and misguided regulations. The Rousseff administration aggravated the situation alarmingly. There was no lack of warnings from specialists. There was too little dialog and too much incompetence. More recent developments suggest that likely solutions to the sector’s woes can often come from unlikely places.
UK aims to bolster trade relationships with South America – Mexico issued a USD1.8bn bond – Grupo Bimbo tapped the local markets with 10-year notes – IFC to invest USD200 in a plant in Brazil – Brazil sold USD3bn of fresh debt – Argentina to grow 3% in 2017 – Venezuela’s inflation to hit 2,300% in 2018 – Chile’s Colbun issued a 10-year bond – Venezuela’s securities hit a three-year high – El Salvador gets downgraded – Colombia holds rates
China has over the years moved to strengthen its ties to Latin America in a range of areas, and a recently proposed free trade agreement between the Asian powerhouse and Mexico could take that one step further – potentially opening up a vast new trade and capital corridor between the two regions.
- Brazil: The Early Bird Catches the Worm
- Latin America Credit Markets Brief: 14 September – 28 September
- Developing the NPL Secondary Market in Latin America
- Brazil: The Urge to Spend
- San Antonio Internacional CFO on The Long Road to the Capital Markets
13 Dec 2017
29 Nov 2017