Corporate & Sovereign Strategy

A year ago, prospects for Latin America’s syndicated loan market looked dim: borrowers were still jumping at opportunities to tap bond markets at historically low funding costs. Meanwhile, international lenders faced tougher capital requirements under Basel III rules. But as conditions in the bond markets wobbled in the second quarter, loans started to picked up some of the slack, often with considerable size. Mexican oil company Pemex, for example, signed a $1.25 billion three-year revolver, Mexico’s Comisión Federal de Electricidad (CFE) agreed a $1.25 billion five-year revolver and Argentine steel-maker Ternium closed a $800 million five-year term loan. Meanwhile, Taiwanese and Middle

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