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CASE STUDY: Omega Geração Assurua Wind Purchase Financed with Innovative Four-Part Debenture Scheme

Omega Geração S.A., one of Brazil’s top renewables players, debuted in the local debenture markets earlier this year with a carefully tailored four-part transaction that could serve as a template for corporates looking to finance infrastructure by tapping the country’s diverse liquidity pools.

Brazil: Curb Your Enthusiasm

One of the most important public issues in every country is Social Security. That is normal. Retirement is too serious a matter to be disregarded by the State. Human beings are not always rational and their choices might also be based on subjective factors, such as the importance given to social status. Individuals can choose to consume too much today and not save for retirement. The result would be poverty in old age. This is a problem faced by Japan, where social security rules are very restrictive, but it could easily make its way to Brazil.

Azul Airlines Focussed on Brazilian Market and Fleet Revamp

Joelmir Baumgratz discusses increasing capacity for less cost, consolidation in the airlines market, oil price fluctuations driving complex hedging strategies and using air miles as collateral on financings to bring yields down.

Actis Focussed on Renewables, Infrastructure and Developing Local Capital Markets in Brazil

Bonds & Loans interviews Bruno Moraes, Director (Energy) at Actis, about investment prospects in the Brazilian markets, Actis's focus on renewables and their new infrastructure fund.

HSBC Sees Growing Regulatory Capital Supply out of Latin America

As the first wave of securities issued under Basel III rules start to approach or eclipse key call dates, testing the market for the relatively nascent asset class, banks across the Americas are finally coming to grips with rapidly evolving and increasingly complex regulatory capital requirements in their respective jurisdictions. With new rules providing regulatory clarifications coming onstream and legacy capital instruments requiring refinancing, new supply for additional Tier 1 and Tier 2 securities – particularly in the Andean region – should be forthcoming.

Brazil’s Ministry of Economy on Fiscal Goals, Pension Reform, and Filling the Funding Gap Post-BNDES

In an exclusive interview with Bonds & Loans, Adolfo Sachsida, Secretary of Economic Policy, Ministry of Economy, Brazil, comments on the recent “merger” of the economic and finance ministries, the legacy of “fiscal irresponsibility” of the Lula administration, the recent recovery and progress on the pension reform front, and funding objectives for the year ahead.

Brazil: Despite a Challenging Outlook, the Local Market Grows Leaps and Bounds

It has not been an easy 12 months for Brazil’s corporate sector, which faces a multitude of challenges, both internal and external. Bolsonaro’s victory in the elections, though divisive, at least provided some reprieve from the political uncertainty that has weighed on Brazil’s markets in the run up to the vote. Still, many questions remain around the direction of policy, and the new government’s ability to push it through congress, as well as broader shifts in the macro-economic environment.

Felipe Bomfim: Common to Invest in Infrastructure After Recessions, Brazil Is Very Competitive

Bonds & Loans spoke to Felipe Bomfim, Director at Patria Infrastructure, on pensions reform, festering growth of local capital markets and why the glass is always half-full for investors doing business in Brazil.

Brazil: Beware of Murphy’s Law

The current fragile state of Brazil’s economy carries high risks. This time around, there are no buffers, because the unemployment rate is already at record highs. A recession now would entail social costs much greater than those of 2015, warns XPI's Zeina Latif.

Bolsonaro: The Unpopular Populist?

As the new president's rating continues to drop, XPI's Zeina Latif contrasts him to the populists of the past and assesses the challenges he will be facing on the police front in coming months.

 

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