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As LatAm Boosts China Links, Panda Bond Market Opens New Doors

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

Some bad ideas are often repeated, hampering productive dialogue on a country’s economic agenda. In Brazil, many people think the decline in inflation was an inevitable result of the recession. Besides this, the Central Bank was supposedly lucky because of the bumper harvests of staple crops and benign external environment, which allowed the exchange rate to appreciate. Therefore, the economic recovery now under way would have occurred in any event, because in economic terms what goes down must come up.

Latin America Credit Markets Brief: 14 September – 28 September

The Fed slows rate hikes – AT&T mulls LatAm payTV divestment – Amazon Inc. to build gigantic Mexican distribution warehouse – Mexico quake to trim GDP by 0.1-0.3% - Petrobras completes swap – Temer’s approval ratings at all-time low – Argentina outlook mixed, current account data suggests – Peru lowers policy rate for third time in 2017 – Venezuela running out of fiscal room – Chile MinFin says public spending to grow 3% in 2018

Brazil: The Urge to Spend

When the money runs out it’s never good, but there is a positive side. It guides the economic agenda to find better allocation and greater efficiency in public spending. In Brazil, we spend very poorly, both from the standpoint of economic efficiency as well as social justice.

TIM Brasil CFO Sees Telecoms in Argentina, Brazil Mobilizing as Liquidity Returns

Brazil’s telecom sector was one of the region’s strongest performers, accounting for about 4% of the country’s GDP last year. But it was not immune to some of the country’s broader political and economic challenges, which in recent years has led to a liquidity crunch amidst even the largest reais-driven companies. Thankfully, a more prominent drive towards reform in Brazil means that trend is starting to reverse. We speak with Adrian Calaza, CFO of TIM Brasil about the company’s impressive turnaround and the borrowing environment in South America.

Latin America Credit Markets Brief: 31 August – 14 September

A fortnightly review of Latin America's debt capital markets, covering the latest loan and bond deals, rating actions, policy and credit market developments... NAFTA negotiations refocus on labour costs – Uncertainty around Mexico’s CAT bonds following quake – Mexico gets growth forecast lift – Brazil introduces secured lending, covered bond reforms – Argentina to boost borrowing from concessional lenders in 2018 – Uruguay VP resigns ahead of fund misuse investigation – Peru plans to issue USD6bn in 2018 – Chile’s economic team resigns – Panama’s Banistmo issues fresh Eurobonds

Emerging Market Credit Daily Roundup: 6 September, 2017

Non-resident EM inflows flatline in August – Middle East bond market to see USD20bn of new supply in 2017 – Oman replaces CBO governor – Ecobank subsidiary secures USD250mn 5-year loan – Brazil looks ready to cut rates – Mexico City airport in market for USD2bn – CDB looks to raise CNY5bn in green bonds – ArcelorMittal Ukrainian subsidiary in loan talks with EBRD

Industrial Action Threatens Reforms, Economic Performance Across Latin America

As Latin America’s political leaders are forced to enact painful reforms to put region back on a path to growth, some are concerned that social discontent could hold them back.

Latin America Credit Markets Brief: 17 August – 30 August

Britain plans to double trade with Panama and Colombia – El Puerto de Liverpool tapped the local markets with a MXN10bn dual tranche bond – BNDES to transfer funds back to the government – Vale redeems 2019 notes – Argentina to tap the international markets again – Argentina holds rates – Crystallex to seize PDVSA assets –– Chile’s outlook gets downgraded – Jamaica to tap its 2028 and 2045 notes

A Brazil Disconnected?

Despite lots of talk about the congressional support for Michel Temer, the situation has not been favourable for the fiscal agenda. Since the approval of the constitutional amendment establishing the spending cap, where important work was done by its rapporteur in the Chamber, Deputy Darcísio Perondi, no other matter for adjusting the public accounts has made significant progress.

 

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