The first half of 2018 has seen a record-breaking volume of corporate consolidation across the globe, and Latin America has become a prominent setting for such activity. The latest slowdown in M&A activity is thought to be stemming from the peak of elections-related volatility, from Mexico to Brazil, and most expect business to continue as usual once the dust settles.
Miguel Rubio, Country Manager, for Acciona Energy, a subsidiary of the Spanish renewable project developer Acciona, talks to Bonds & Loans about the company’s joint venture with Tuto Energy following their landmark USD264mn 18-year project finance deal, solar energy production growth, and strategic initiatives in Mexico and beyond.
Months of uncertainty finally ended in July as Mexico decisively voted in its new president, Andres Manuel Lopez Obrador (better known as AMLO), an ageing left-wing icon with populist appeal. With almost six months until the official inauguration, he is trying to woo the markets with a more conciliatory tone. If the currency and bond yields are anything to go by, it appears to have worked, but will it manifest in policy?
Nexxus Capital, a Mexican private equity fund, has been at the forefront of helping bring to market small and medium-sized firms with high exposure to the local market, as well as those in southern Europe. We spoke to Roberto Langenauer, Managing Partner and CFO of Nexxus about their innovative approach to raising capital, and the increasing role of Mexican pension funds, known as Afores.
As Mexico continues to show resilience in the face of multiple external challenges, including stalemate in the NAFTA negotiations, pressure on the EM currencies from a rallying dollar and global trade wars, its debt capital markets have largely switched into a wait-and-see mode. But issuance windows offer plenty of opportunities, so we speak to Juan Pablo Newman, the Head of Public Credit at the Ministry of Finance, about DCM prospects and a broader outlook for the country’s issuers and borrowers.
As Mexico voted in the new president, Bonds & Loans met with a broad range of local finance leaders, corporate chiefs and state officials to discuss the market outlook and get a sense of the risks and opportunities on the horizon.
The first securitization sponsored by Mexico Tower Partners included a much-anticipated 5-year bullet repayment date (ARD) and marked the first wireless tower-backed securitization in Mexico. The structure allowed MTP to waive CNBV’s partial dependence requirement, repay the existing credit facility and keep the remaining proceeds from the issuance.
Following its landmark local market securitisation debut – the first of its kind in Latin America, Mexico Tower Partners has proven itself to be both a leader in the country’s telecommunications infrastructure sector and a trailblazer in its financial markets. Bonds & Loans speaks with the company’s Chief Financial Officer Gonzalo Cornejo about how the deal was done and why it’s worth being first to market in a high-growth sector.
The issuers, borrowers and mediators of the most innovative and outstanding debt capital market deals on the continent to be lauded at the prestigious awards ceremony. Winners: Latin America Deals of the Year Awards 2018
The Lazaro Cardenas Port Logistics (LCPL) project’s complex financing structure, including dual bank and bond financings, allowed the borrower to navigate around construction risks and achieve the full 15-year tenor.
- Mexico’s Bond Bonanza is Heading for a Siesta
- Latin America Credit Markets Brief: 14 September – 28 September
- Latin America Credit Markets Brief: 31 August – 14 September
- Case Study: Investors Splash Out on Rotoplas’ Debut MXN2bn Sustainability Bond
- Emerging Market Credit Daily Roundup: 6 September, 2017
11 Dec 2018