March / April 2009

Latin America-Middle East: Behind the Mirage


The Middle East has gone bust faster than anyone could have imagined. However, Brazil is still on the radar and LatAm may still be a long-term beneficiary of Gulf wealth.

COMMENT: Fools Gold?

LatAm companies and funds hoping to find a pot of gold in the Gulf desert are in for a shock. The Middle East was, until very recently, a viable new source of fresh capit...

DEBT: Mexico Rings Alarm


Mexico’s worst sovereign bond issue in years has unsettled the market and suggests more rough times ahead for LatAm issuers.

PEOPLE: Merrill LatAm Chairman Exits

Merrill Lynch’s Latin America chairman Carlos Gutierrez has left the firm, retiring after 20 years. The exit of such a widely respected veteran financier is a major LatAm...

How to Play LatAm Equity


Brazil, LatAm’s largest and most liquid equity market has in February become the focus of a healthy debate. Analysts disagree on how to play the Bovespa, following a 32% ...

M&A: Energy and Mining Focus


LatAm M&A has been most active in the energy and mining industries, with some deals even surpassing the $1 billion mark.

Mexican Housing Starts


Proving that Mexico remains a relative hotbed for LatAm securitization, a pair of issuers from the housing sector have surfaced. The two deals carry different degrees of ...

Man of the Year: Inside the Setubal Rocket

People Corporate & Sovereign Strategy

After 15 years at the top of Itaú, Roberto Setubal has made it the biggest bank in LatAm. Savvy deal making is at the heart of his world-class financial institution.

André Esteves: Skin in the Game


After rising to the top at UBS, André Esteves is back with a global boutique. As markets continue to rupture, the Brazilian financier sees nothing but opportunity.

Hedging Looser Policy


After a protracted growth spurt, Brazilian hedge funds were hammered last year by losses and redemptions. They may be poised for rebound as rates tumble.

Bimbo: Baking with Leverage


Bimbo sealed a $2.5 billion US acquisition despite tight credit and a highly uncertain outlook. The bread maker bets demand holds steady both sides of the border.

Cap Cana Loses Rudder

Once celebrated as groundbreaking, Cap Cana’s 2006 structured bond is a battleground for some LatAm bondholders. Cap Cana says it seeks a pragmatic solution.

Retailers Buy LatAm


Wal-Mart’s recent Chile buy has raised expectations of more LatAm deals to come from the retail behemoth. Others will likely join the shopping spree.

Regional Growth: Buckling Under


LatAm is better prepared for global crisis, and appears relatively comfortable versus Eastern Europe. But it is being hammered more than initially expected.

High Voltage M&A


Energy sector consolidation looks set to continue, fueled by incoming Europeans, growing large locals and cash-strapped exiting small caps.

Brazil Politics: Life After Lula

Economy & Policy

Markets almost collapsed during the 2002 election, when Lula first took power. Less volatility is expected in 2010, and José Serra leads the polls.

Brazil Mining: Into the Pits


Large Brazilian metal producers are well capitalized and scouting opportunity. Incremental, opportunistic asset purchases by deep-pocketed firms look likely.

Brazil Private Equity: Relative Value Play

Private equity is the last man standing in the capital supply game. But fund raising prospects have sharply deteriorated and caution reigns.

Mexico Corporates: Diamonds in the Rough


The crisis has claimed some high profile Mexican corporate scalps. But there are still some stalwarts worth looking at, say analysts.

Mexico Local Markets: Reanimating Capital


Mexico’s markets are stalled, but investors remain confident about long-term prospects. Recovery will be painful, but perhaps include long-awaited structural changes.

Mexico Private Equity: Stifled Opportunity


Mexico’s companies need private capital more than ever, while seller reluctance and lingering regulatory hurdles deter deals.

Colombia: Ambition Costs


Colombia’s 55 trillion peso ($22 billion) infrastructure investment plan, launched to offset global recession, faces investor skepticism.

T&T Holdco Blows Up


The implosion of one of Trinidad and Tobago’s largest conglomerates deals a double blow to what until last year was among the Caribbean’s most prosperous nations.

Jamaica Sees Tougher Times Ahead


Jamaica could shrink faster than that of any other Caribbean country as key industries from bauxite to sugar to tourism get smacked hard.

Barbados Braced for Trouble

Tourism-dependent Barbados has little to be optimistic about in 2009. High taxes, a struggling manufacturing sector and falling tourism are a drag.

DR Challenged

The Dominican Republic expects more FDI and remains optimistic. External analysts are less bullish, anticipating GDP shrinkage.

Peru Assembles Growth


Peru’s construction industry is responding with gusto to a call from the government to keep building. The fastest-growing LatAm economy hopes to mitigate the pain of...