Americas Market Intelligence’s John Price takes stock of last year’s hectic election cycle in Latin America and looks more closely at the fortunes of some of the region’s key markets: Brazil, Mexico and Venezuela.
One of the biggest M&A deals in recent emerging market history, the Suzano-Fibria merger, saw a correspondingly complex and impressive financing scheme that involved a USD9bn syndication, split between a bridge loan and pre-export financing, which culminated in a billion-dollar bond issuance. The acquisition allowed to create a pulp giant with a 17% share of the global market.
As the new administration begins to enact its economic vision, Zeina Latif warns the Bolsonaro-appointed finance minister Paulo Guedes that a half-measure approach could undermine the fiscal rebalancing of Brazil.
For many in Brazil, the appointment of Sérgio Moro to the Ministry of Justice was a great move – particularly from a political standpoint. The judicial class, however, seems to be more critical. As ever, reality is likely to be found somewhere in between.
Leading fertiliser and specialist nutrient producer GrowMax Resources Corp recently announced plans to bolster its presence in Brazil through an acquisition of Fertimar, part of a wider effort to pivot into complimentary business areas and completely reinvigorate the company’s balance sheet and management. Bonds & Loans speaks with Stephen Keith, CEO of GrowMax Resources Corp about that corporate revitalisation, managing risk while building businesses and projects in the Americas, and the direction of the commodity fertiliser market.
Leading Brazilian pulp and paper producer Suzano Papel e Celulose helped pioneer the country’s green bond market with the first green agricultural receivables security, or CRA, and a number of transactions on the international capital markets. The company’s CFO, Marcelo Bacci, an ardent supporter of ESG-focused investing, talks to Bonds & Loans about why the company decided to engage the sustainable finance segment despite no immediate price or funding size benefits in sight.
In recent years, many state governors in Brazil avoided the necessary adjustment of public accounts, largely down to the intense election calendar. For some, the calculation went wrong and the public response came through the ballot boxes.
- Political Volatility Breaks Wave of M&As in Latin America
- Brazil: Dialogue with the Judiciary
- Brazil Election: The Wacky Races
- Barings: Brazil's Industrial Production Soars in June after Truckers' Strike Ends
- Brazil Economic Outlook: Weighed Down