Archive

May / June 2009

EXCLUSIVE: América Móvil: Scarcity Value

América Móvil is cautiously optimistic in the face of regional recession. The main challenge for investors is sourcing its securities, which are tightly held and being re...

EXCLUSIVE: Colombia's EPM Reaches Across Borders

M&A

Major Colombian utility EPM aims to become one of the region’s largest. Cross-border acquisitions and financing is the next stage.

Distressed Investing: Latin American Corporates

The corporate landscape is strewn with distress, and survival relies as much on aid from governments as sympathy from lenders. The situation may well worsen before it imp...

COMMENT: Cement Boots

Mexico

Banks are screaming for Mexico to stump up billions of dollars and bail out Cemex. They decry the arrogance and complacency of the Monterrey-based cement giant, hinting t...

The Best Companies in Latin America

The list of top LatAm corporates contains a few surprises. They all have one thing in common: a robust financing strategy and conservative outlook.

Colombian Corporates Chase Dollar Funds

Colombia

Colombia’s corporates plan expansions and international fundraising amid favorable conditions at home. They assume macroeconomic conditions will hold up.

Peru Corporates: Hope for Metal Strength

Colombia

As with Colombia’s corporates, Peru’s enjoy domestic macro conditions better than the regional average, and have not over-levered or dabbled in derivatives. The country’s...

PEOPLE: Rainmaker Jumps Ship

Merrill Lynch’s LatAm derivatives trading rainmaker Karan Madan has left the ailing US shop amid rising expectations of further high profile departures.

DEBT: Colombian Firms Line Up

Colombia

The Colombia sovereign had been expected to access dollar bond markets, but a $1 billion reopening of its 7.375% of 2019 bonds issued in January came a surprise.

EQUITY: Private Equity Lurches

Funds

Months after the public markets shut down for issuers, some private equity (PE) shops say they are seeing a generalized decline in activity.

M&A: Esteves Claws Back Pactual

Brazil

Cash-strapped UBS has sold its Brazil operations to BTG, a boutique run by André Esteves, who sold the same unit to the Swiss bank in 2006.

STRUCTURED FINANCE: The Pledge Edge

LatAm issuers in need of funds continue to strive to convince lenders, whether they be commercial banks or governments, to extend financing during periods of market stres...

Latin America and China: Fear of Commitment?

Asia

Chinese companies see a window of opportunity to scoop up LatAm businesses and are poised to invest much greater sums. However, the region demands firmer commitment.

Petrobras-China: No Oil for Loans

Asia

Petrobras has secured a surprise jumbo financing from China in return for guaranteed oil supply. However, lack of detail suggests the deal may never be consummated.

Brazilian Corporate Governance: Are New Rules Enough?

Corporate & Sovereign Strategy

As regional default risk ticks higher, investors are looking much more closely at how companies are run. New Brazilian governance rules are welcomed, but will they prove ...

Peru Water Financing: Cleaning Up

Peru

A recently granted $350 million concession to develop the Taboada sewage treatment plant raises hopes that Peru is ready to deal with the politically charged issue of wat...

Scandal Prompts Crackdown

From a cloud of financial scandal comes the silver lining that regulators may strengthen oversight. Burned banks are tightening up due diligence.

Travel Poll: Still Moving, Despite Downturn

Flights, hotels, restaurants, bars, breaks to enjoy museums or city parks – all still a vital part of the job as it takes you throughout LatAm? Cutbacks, layoffs, and slo...

Travel Guide: Argentina

Argentina

Travel Guide: Colombia

Travel Guide: Brazil

Brazil

Travel Guide: Chile

Travel Guide: Peru