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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.

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.

Total Eren: ECAs Key to Argentine Power Funding as Banks Sit Out the Volatility

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.

Scrapped New City Airport, Struggling Pemex Dominate Discussions at HSBC Mexico Roundtable

Mexican borrowers are gradually adjusting to the new market environment that has emerged since the inauguration of Andrés Manuel López Obrador, and amid broader emerging market volatility driven by the rise in global interest rates. Nevertheless, CFOs at a Breakfast Roundtable hosted by HSBC and Bonds & Loans in Mexico in February have raised important questions about some of the new administration’s policy decisions, highlighting the need for clear, consistent and transparent decision-making as essential in their bid to secure stronger growth and investment.

Votorantim Energia CFO: Uncertainty Now Punctuates Everyday Decision-Making

Bonds & Loans speaks with Raul Cadena, Chief Financial Officer of Votorantim Energia, about the company’s funding and M&A strategy for 2019, and value creation in Brazil’s growing electricity generation segment.

Vive Energía CEO: Securing Cost-Competitive Funding for Wind still a Challenge in Mexico

Mexico has made significant strides in developing and deploying renewables in recent years, but recent regulatory uncertainty has cast a pall over the sector and may start to weigh on the bankability of transactions. Bonds & Loans speaks with Benny Villareal, Chief Executive Officer at Vive Energía about the company’s corporate funding strategy.

Terrafina Maintains Well-Balanced Accounts Ahead of a Volatile 2019

Mexico-based real estate investor Terrafina has grown at a considerable rate over the last five years, supported by a well-balanced business model that ought to help it reap the benefits of the rapid growth of Mexico’s property markets during that same period. But market uncertainty and tough external conditions are pushing the company to adjust its plans, says the company’s CFO Carlos Gomez.

Bonds & Loans Latam CFO Survey: Smoothing Out the Volatility

Latin America’s CFOs, Treasurers respond to rising uncertainty by shifting back to loan markets, prioritise liability management.

MTP CFO: Scrapped Airport Project Precipitates Uncertainty for Mexico Corporates’ Funding Plans

Top-tier corporates like Mexico Tower Partners are fairly well-capitalized, with a relatively healthy balance sheets and robust funding plans in the pipeline. But as the new government continues to renegotiate terms with bondholders for the new Mexico City Airport financing, uncertainty in the corporate space lingers. We speak to Gonzalo Cornejo, Chief Financial Officer, Mexico Tower Partners, about the Treasury’s focus areas for the next year.

GrowMax CEO on Risk: Perception vs. Reality

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.

 

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