July / August 2013

Front Notes: The replay

Cover Story: The writing on the wall

Bonds Funds Economy & Policy

Fears are growing that an era of cheap and easy credit for emerging market companies and nations has drawn to a close. What comes next is unlikely to be pretty

Swiss franc bonds: Taking comfort

Europe Bonds

With US rates poised to rise, Latin borrowers are turning to Swiss francs in record numbers

Debt Restructuring: Rites of spring

Mexico Bonds Corporate & Sovereign Strategy

Mexican auto parts manufacturer SanLuis has learned the hard way that life after default is not so easy

Structured finance: The big fix

Colombia Structured Finance

CDOs took a hammering during the crisis, but a new plan to use them in Colombia could help bridge a huge funding gap

Structured finance: Stepping up

Colombia Structured Finance

CAF’s plans to establish an infrastructure CDO in Colombia come as other issuers across Latin America are increasing their use of structured finance.

Power and Renewables Brazil: Sweet dreams

Brazil Bonds Equity

Brighter forecasts and new measures from Brazil’s government should help sugar and bioenergy producers, which have been pinched in recent years

Power and Renewables Mexico: Into the light

Mexico Bonds Loans

As wind power moves into the Mexican mainstream, solar and hydro projects prep for their moment in the sun

Metals & Mining: Beyond the deep

Bonds Loans Equity

Miners across Latin America are scaling back capex and looking further afield for funding as they keep an eye on the longer term amid falling prices for metals

Metals & Mining: Water pressure


Environmental and social concerns are hardly new for miners, but they are set to intensify. Water scarcity is likely to be a particular pressure point.

Parting Shot: What’s at stake

Commodities prices are likely to remain high over the longer term, argues Roger Agnelli. But Chinese demand will remain central to Latin America’s near term success

Best Corporates: Seize the moment

Corporate & Sovereign Strategy Bonds Equity

As they stare into a choppy horizon, the top Latin companies in the capital markets show the importance of grabbing opportunities when they arise

Best Corporates: First mover

Corporate & Sovereign Strategy Mexico

Mexican real estate trusts were once met with a lukewarm reception, but a number of successful deals by the first and largest have changed that

Best Corporates: The pioneer

Corporate & Sovereign Strategy Mexico

Unfraid to push the boundaries, América Móvil landed yet another first with a much-lauded global-local security

Best Corporates: Reaching out

Corporate & Sovereign Strategy Brazil Caribbean

With a newly acquired majority stake in the Dominican Republic’s leading beer brand, AmBev is looking for further Caribbean expansion

Best Corporates: Eastern promise

Corporate & Sovereign Strategy Mexico Asia

A successful Asian foray for Coca-Cola Femsa provides a springboard for further expansion

Best Corporates: Building trust

Corporate & Sovereign Strategy Brazil

Odebrecht has demonstrated its agility across the capital markets, slashing its funding costs along the way

Best Corporates: A new era

Corporate & Sovereign Strategy Mexico

A successful restructuring behind it, Cemex is focusing on cutting debt costs while it can

Best Corporates: Birth of a champion

Corporate & Sovereign Strategy Chile Andean

When it comes to financing a large-scale acquisition, Cencosud shows the debt and equity markets how it’s done

Best Corporates: Fast forward

Corporate & Sovereign Strategy Caribbean Jamaica

Digicel took advantage of falling funding rates to refinance expensive debt at much cheaper levels

Best Corporates: Charting the course

Corporate & Sovereign Strategy Mexico

Arca Continental plans further growth in Mexico and abroad through acquisitions in a consolidating sector

Best Corporates: Open for business

Corporate & Sovereign Strategy Brazil

When it comes to communicating its strategy to the market, Cemig is in a league of its own

Debt: Batten down the hatches


Equity: Change of pace


M&A: Beefing up


People: Natixis Hires Adam