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Latin America

23 Aug 2019   Macro, Policy, Americas, Latin America

Ashmore: The Path to Averting a Default in Argentina

Investors are suddenly much more concerned about the political transition in Argentina, but default is by no means a certainty, argues Ashmore's Gustavo Medeiros, and opportunities abound.

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.

CASE STUDY: FUNO’s “Phone Roadshow” Brings Strong Oversubscription on USD1bn Issue

Fibra UNO, the first and largest real estate investment trust (REIT) in Mexico, was able to upsize its dual-tranche USD1bn bond with an innovative “long-distance” roadshow that saw over 4x oversubscription from a variety of international investors.

Paraguay SWOT: Opportunities in Projects, Renewables May be Thwarted by Political Risk

A minnow country by most economic measures, Paraguay has for years combined some of the most progressive policies in the social and environmental sphere with antiquated financing models and realpolitik. But with a steady pipeline of deals emerging in the infrastructure and energy space, it is beginning to attract attention of foreign investors seeking higher yields in unfamiliar or exotic locations.

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: 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.

CASE STUDY: Acciona Formalizes First ESG-Linked Loan in Chilean Markets

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.

Brookfield Americas Infrastructure Debt Head Sees New Opportunities in Telecoms, Renewables

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.

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.

Off the Record: Peru’s Miners See CSR, ESG, Innovation as Key to Unlocking Funding

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.

 

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