Jan 1, 2013
Traditional sources of funding may have retreated, but a range of new capital providers is rapidly taking their place for financing infrastructure
“When you have lending of more than 15 years, which can be very important in the infrastructure sector, the availability of finance from traditional sources of commercial banks starts to disappear,” says Gabriel Goldschmidt, senior manager infrastructure investments in Latin America and Caribbean at the Washington-based IFC.
As ever development institutions, export credit agencies and capital markets are needed to fill the gap. “Funding costs in dollars have increased and tenors are much more difficult for commercial banks,” says Mexico City-based Javier Martín Robles, managing director at Banco Santander.
And the long retreat of European banks as they quit more active roles in the region has meant that...
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Is recent bond market volatility the end of easy borrowing for LatAm issuers?
Yes, dollar borrowing will get more expensive
No, it’s just a bout of market nervousness
“The greatest value in the next 12 months will be combination of corporates and local currency bonds”
Blaise Antin, TCW
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