Archive

November / December 2013

EDITORIAL: Testing times

Bond market news: Paying the price

Bonds

Despite LatAm bond markets reopening after a turbulent period, borrowers are finding that funding costs are higher, and deals tougher, than earlier this year

Loan market news: Loans pick up

Loans

Latin American borrowers are turning in increasing numbers to syndicated loans for funding, as the bond market becomes more expensive — and increasingly volatile

People news: EBX shuffles continue

People

Equity market news: Cream of the crop

Equity

A well-bid IPO by Mexican dairy producer Grupo Lalabcould spur other consumer-focused companies to raise capital in the equity market. But Brazilian firms are having less...

M&A news: Long-distance calls

Brazil Europe

A new, Brazil-based communications giant is in the making as Oi and Portugal Telecom consolidate their alliance

Colombia's investment case: Mauricio Cárdenas

Colombia Economy & Policy Corporate & Sovereign Strategy

If Colombia is to avoid slower growth it must boost domestic investment to offset a weakening external environment, says its finance minister Mauricio Cárdenas

LOCAL CURRENCY DEBT: After the storm

Bonds Funds

In the wake of a brutal sell-off, investors are rushing back to local currency emerging market debt. But this time, the bet is no longer one way

CURRENCY VOLATILITY: Steadying the course

Bonds Corporate & Sovereign Strategy Economy & Policy

Central bank interventions affecting LatAm currencies since 2010

LATAM CURRENCIES: Ready or not

Mexico Peru Economy & Policy

Latin American policymakers tell LatinFinance they are bracing for further currency falls

BASEL III: New order

Bonds Structured Finance

Incoming global bank regulations offer Latin America’s lenders a new to look at their capital base. Yet most have little short-term need to their models

ARGENTINA: In the balance

Argentina Economy & Policy Corporate & Sovereign Strategy

As Argentina’s financial position looks ever-more precarious, some investors see an opportunity to pick up sovereign bonds ahead of a rally. Their optimism may prove unju...

INSURANCE SECTOR REPORT: Capital idea

Bonds

Latin America’s insurers are becoming ever-more important players in the region’s capital markets, as their assets under management expand rapidly

INSURANCE SECTOR REPORT: United we stand

Mexico

The introduction of new global standards for insurance companies will have a disproportionate effect on small firms — and could drive consolidation in Mexico’s highly fra...

INSURANCE SECTOR REPORT: Numbers game

Bonds Loans

Latin America’s microinsurance industry is growing rapidly, but with better data, the results could be even more impressive

Awards: Banks of the Year 2013

Corporate & Sovereign Strategy

From inflation to currency depreciation and government meddling, banks across the region have had to contend with a broad range of economic, financial and political hurdl...

Bank of the Year, Bank of the Year Brazil & Investment Bank of the Year, Brazil: Itaú-Unibanco

Bonds Structured Finance Brazil

A conservative banking strategy that has nevertheless sought out growth opportunities is paying off for Itaú, Latin America’s largest bank

Bank of the Year, Mexico: Santander México

Bonds Structured Finance Mexico

Despite slowing growth in Mexico, Santander México has not only withstood the challenge but also managed a landmark IPO and bond debut

Bank of the Year, Argentina: Banco Macro

Argentina Bonds Corporate & Sovereign Strategy

Banco Macro has grown its balance sheet and kept its financial metrics sound over the past year

Bank of the Year, Colombia: Banco de Bogotá

Colombia

Colombian banks are competing aggressively at home and abroad. Banco de Bogotá’s numbers show a conservative

Bank of the Year, Venezuela: Banco Banesco

Bonds Structured Finance Venezuela

Banesco has extended its international reach with operations in Colombia and Spain

Bank of the Year, Chile: Banco Corpbanca

Bonds Structured Finance Chile

Ratings agencies may have frowned on Corpbanca’s Colombian acquisitions, but with a strong financial set-up, the bank is confident it has a formula for success, its chief...

Bank of the Year, Peru: Banco de Crédito del Perú

Bonds Structured Finance Peru

BCP is growing its retail businesses and expanding consumer lending

Bank of the Year, Dominican Republic: Banco Popular Dominicano

Bonds Structured Finance Dominican Republic

Fiscal reform in the republic has put pressure on bank profitability

Bank of the Year, Ecuador: Banco de Guayaquil

Bonds Structured Finance Ecuador

In a difficult year for Ecuadorean banks, one lender stands out for making the best of a tricky situation

Bank of the Year, Guatemala: Banco Industrial

Bonds Structured Finance Guatemala

Central America’s shifting landscape for banking offers opportunities for local participants

Bank of the Year, Uruguay: Banco de la República Oriental del Uruguay

Bonds Structured Finance Uruguay

Dominating Uruguay’s banking system, Banco de la República has outperformed the market in terms of profitability, but it faces many of the same difficulties as its compet...

Bank of the Year, Costa Rica: BAC San José

Bonds Structured Finance Costa Rica

Flows of speculative capital to Costa Rica present both risks and opportunities for local banks

Bank of the Year, Panama: Banco General

Bonds Structured Finance Panama

Opportunities abound for banks in in Panama, with a fast-growing economy and regionalizing banking system

Bank of the Year, Paraguay: Banco Continental

Bonds Structured Finance Paraguay

Staging a complicated debut in the international debt market in 2012 makes Paraguay’s largest bank stand out

Bank of the Year, Bolivia: Banco Nacional de Bolivia

Bonds Structured Finance Bolivia

Bolivian lawmakers have ushered in changes that have hurt banks’ profitability. More pain is in store

Bank of the Year, Trinidad & Tobago: Republic Bank

Bonds Structured Finance Trinidad & Tobago

The island’s biggest and most profitable bank is looking across the Atlantic for growth

Bank of the Year, El Salvador: Banco Agrícola

Bonds Structured Finance El Salvador

As El Salvador’s largest and most profitable bank, Agrícola has held up well against the country’s economic headwinds

Bank of the Year, Central America: Grupo BAC Credomatic

Bonds Structured Finance Central America

As trade between Central American countries picks up, one bank is poised to take advantage of the growth

Bank of the Year, Caribbean: Scotiabank

Bonds Structured Finance Caribbean

A strong regional reach and global perspective to operations makes Scotiabank stand out

Investment Bank of the Year, Mexico: BBVA Bancomer

Mexico Bonds Corporate & Sovereign Strategy

BBVA Bancomer is playing a prominent part in Mexico’s booming primary capital markets

Investment Bank of the Year, Colombia: Bancolombia

Colombia Bonds Corporate & Sovereign Strategy

Already a league table leader, Bancolombia plans to extend its investment banking capacities

Investment Bank of the Year, Chile: BTG Pactual Chile

Chile Bonds Corporate & Sovereign Strategy

With its cross-LatAm credentials firmly in place, the firm formerly known as Celfin is keen to grow its investment banking reach

Multilateral Development Bank of the Year: CAF

Bonds Structured Finance Venezuela

With a focus on infrastructure, the multilateral lender has expanded its loan book and is prepared for greater demand as markets turn sour

Microfinance Institution of the Year: Compartamos Banco

As the microfinance industry becomes more competitive, specialist lenders must keep pace with the change

Hopes high for share sales in 2014 despite fund outflows

Equity Funds

KOREA/LATAM: Ties that bind

Asia Economy & Policy Corporate & Sovereign Strategy

Korean investment in Latin America is growing as banks, manufacturers and engineers invest more and trade links deepen. By Ben Miller