KOREA/LATAM: Ties that bind

KOREA/LATAM: Ties that bind

Asia Economy & Policy Corporate & Sovereign Strategy

History may not remember a $176 million loan for Recaudo Bogotá as being the head-turning deal of 2013 in Latin America. But the funding, to develop and operate a fare collection system for the Colombian capital’s public transport system, is notable for one particular aspect: the participation of lenders Shinhan Investment Corporation and Woori Investment & Securities as mandated lead arrangers. The deal is the most recent of a handful of transactions for Latin American borrowers that involve private sector Korean lenders — as opposed to the government banks that have become well-known supporters of many projects in the region. In mid-October, for example, Mexico’s Pemex

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