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.
Following a successful debut in the European ESG-linked loan space in February, Acciona repeated the move with a dual-tranche dual-currency transaction worth USD30mn in Chile, only the third ESG linked loan in Latin America.
Hadley Peer Marshall, Managing Director of Infrastructure Debt at Brookfield speaks with Bonds & Loans about managing local currency constraints when investing in infrastructure in Latin America, and new sectors generating investment opportunities.
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.
As Brazil braces for another tailing dam collapse, Miners & Investors talked with Peruvian majors’ CFOs and their investors about the industry’s challenges and opportunities for the year ahead. Majors demonstrated healthy financing positions with low expansion pipelines; juniors, on the other hand, continued to explore alternative financing in a dry equity market. All made mention of social issues and a laborious permitting process.
RenovAr, Argentina’s flagship solar and renewables programme, has struggled in recent months due to the severe macroeconomic challenges weighing on the country. But as the country’s markets stabilise, developers focused on the region remain cautious as upcoming elections later this year could result in a change of direction. We speak with Martin Parodi, Managing Director, Total Eren Argentina, one of Argentina’s leading solar and wind power players, about the outlook for the country’s power sector and the factors influencing the company’s funding strategy.
Latin American borrowers continue to see strong demand from lenders and investors following a hectic year of elections in many of the region’s largest economies. We speak with Mauricio Voorduin, Managing Director, Latin America Regional Head; David Costa, Managing Director, Head of Latin America Finance; Sara Pirzada, Managing Director, Loan Syndications; and Mark Tuttle, Managing Director, DCM at Mizuho Securities, a regional funding leader, about some of the key trends prevalent in the region’s markets throughout the first quarter of this year, and why it’s never been a better time of borrowers to move into the dollar markets.
Despite a slowdown in some of the Andean region’s powerhouse economies and souring emerging market investor sentiment, many borrowers were unperturbed and moved into markets with inaugural, innovative transactions through much of last year. We take a closer look at some of the transactions originating from the region that won top prize at this year’s Bonds & Loans Latin America Awards.
In elections last year, voters in both Brazil and Mexico opted overwhelmingly for populist candidates. To be sure, Latin American populism takes many shapes. In Mexico, Andres Manuel Lopez Obrador’s version (AMLO) promised significantly higher spending on social programmes and infrastructure. Brazil’s new President, Jair Bolsonaro, has pledged assertive efforts to clamp down on crime and boost security. While they may not share the same visions of prosperity or the means by which they are attained, the two leaders do share challenges, writes Brian Mullaney, Strategist, Global MacroViews.
- Argentina: An Economy in Election Mode
- Scrapped New City Airport, Struggling Pemex Dominate Discussions at HSBC Mexico Roundtable
- Brazil: The Battle for Reform
- Brazil: The Foreign Investor Awaits
- After Elections, Policy Uncertainty, Liquidity Concerns Weigh on Infrastructure Outlook in Americas
12 Jul 2019