Archive

September / August 2013

THE EVOLUTION OF THE MARKETS 1988-2013

Sovereign debt: Fork in the road

Latin America’s economies are on increasingly divergent paths. Bond investors must now make tough choices between the likely winners and losers. By Mariana Santibáñez

Sovereign deal of the quarter century: United Mexican States

Corporate bonds: Between the lines

Latin American corporates have taken great strides in their market funding strategies. Today, debt market access for the best is on a par with their global peers. By Mari...

Corporate deal of the quarter century: Petrobras

Equity markets: A matter of size

Latin American companies have proved they can deliver deals as big as anywhere in the world in ever more sophisticated markets. But smaller issuers are still left out. ...

Equity deal of the quarter century: Bovespa Holding

Mergers & acquisitions: One good turn

M&A

The growing ability of Latin corporates to buy, sell and merge with one another has paved the way for a new class of global champions – unthinkable a quarter century ago....

M&A deal of the quarter century: CVRD-Inco

M&A

Privatization deal of the quarter century: Telecomunicações Brasileiras

M&A Equity

Local currency debt: The color of money

Bonds

Local markets continue growing as a funding source and investment opportunity, building on years of structural growth. The prospect of thinner global liquidity will offer...

Local currency deal of the quarter century: América Móvil

Infrastructure finance: High wire act

That private sector involvement is vital for the development of infrastructure in Latin America is no secret. But enticing it has proved one of the region’s enduring chal...

Infrastructure deal of the quarter century: Odebrecht Oil & Gas

Structured finance: For better, for worse

Structured Finance

Secured financing has helped Latin companies access capital in the toughest of climates when markets otherwise prevented it. It is also proving useful when times are smoo...

Structured finance deal of the quarter century: AA2000

Bank Finance: Rules of the Game

Bonds

Regulatory and economic uncertainty has forced Latin banks to innovate to raise funding and capital. Yet despite today’s expanding balance sheets, simplicity still reigns...

Bank financing deal of the quarter century: Banco do Brasil

Bonds

A Quarter Century of Banking Evolution

Bonds

The pace of change has picked up in banks operating in Latin America as the region’s economies and markets have deepened and evolved. Here, we chart the progress of the b...

A Quarter Century of Latin Finance

The events that mark Latin America's transformation from the world's most turbulent region to one of its brightest prospects

League tables Tough competition

Latin America’s tumultuous history has proved a tricky environment for investment banks. While a handful of global institutions still dominate, local banks are on the ris...

THE FUTURE OF LATIN FINANCE

Political, financial and corporate leaders set out an agenda for Latin America’s future as the region confronts a turning economic cycle

Infrastructure finance: Closing the gap

Economy & Policy Corporate & Sovereign Strategy Project & Infrastructure Finance

If Latin America is to meet its demand for infrastructure, it must invest at least $250 billion annually over the coming years – double the amount of the last decade. Th...

Agustín Carstens: Strength in numbers

Mexico Economy & Policy Corporate & Sovereign Strategy

The next global shock may be coming. But Latin America is better placed than ever to withstand it, says Mexico’s central bank governor Agustín Carstens

Álvaro Uribe: War and peace

Colombia Economy & Policy Corporate & Sovereign Strategy

Hard-won security improvements in Colombia are at risk of being undone, says former president Álvaro Uribe

Arminio Fraga: A price to pay

Brazil Economy & Policy Corporate & Sovereign Strategy

As Brazil’s prospects take a turn for the worse, its much-touted consumer growth story has come to an end, says Gávea Investimentos chief Arminio Fraga. A less exciting w...

Carlos García Moreno: Lessons from the old world

Mexico

Europe may be mired in crisis, but it still has a few things to teach Latin America when it comes to market development, says América Móvil’s chief financial officer Carl...

Claudio Loser: A future uncertain

Latin America’s advances in recent years have not been enough to move it beyond a mediocre rate of growth. It will take bold efforts for the region to escape the so-calle...

Compton Bourne Against the wind

Struggling Caribbean economies must rethink their exports, tax and business regulations to move forward, says former Caribbean Development Bank head Compton Bourne. By Ka...

David Bojanini: Rethinking finance

Colombia Bonds

Globalization and demographic shifts are forcing Latin lenders to innovate, says Grupo Sura CEO David Bojanini

Emilio Botín: No home advantage

Europe Bonds

Latin America will continue to bolster Spain’s Banco Santander, as it has already for over two decades, says its chairman Emilio Botín

Enrique Peña Nieto: The reform imperative

Mexico Economy & Policy Corporate & Sovereign Strategy

Mexico has an historic opportunity to push through reforms that will make it more productive and prosperous, says its president

Fernando Henrique Cardoso: A crisis foretold

Brazil Economy & Policy Corporate & Sovereign Strategy

Former president Fernando Henrique Cardoso reflects on what needs to be done to return Brazil to a path of sustainable growth – the foundations of which he helped set

Guillermo Calvo: A matter of choice

Economy & Policy Corporate & Sovereign Strategy

Latin America’s resilience to the global financial crisis may have been little more than a fluke. As a period of rapid expansion draws to an end, its fundamentals are now...

Guillermo Ortiz: The ‘trigger’ point

Mexico Economy & Policy Corporate & Sovereign Strategy

Mexico’s ‘tequila’ crisis remains a raw memory as the world braces for a rise in US interest rates. Latin America must be prepared, says Banorte chairman Guillermo Ortiz

Henrique Capriles: ‘Pragmatism is winning’

Economy & Policy Corporate & Sovereign Strategy

Despite two electoral defeats, Venezuela’s opposition leader Henrique Capriles is still positioning himself as the face of pragmatic politics in Latin America

Henrique Meirelles Business as usual

Policymakers must focus on fundamentals as global liquidity tightens, says Brazil’s former central banker Henrique Meirelles. Breaking with consensus, he insists his coun...

Henrique Meirelles: Business as usual

Brazil Economy & Policy Corporate & Sovereign Strategy

Policymakers must focus on fundamentals as global liquidity tightens, says Brazil’s former central banker Henrique Meirelles. Breaking with consensus, he insists his coun...

Infrastructure finance Closing the gap

If Latin America is to meet its demand for infrastructure, it must invest at least $250 billion annually over the coming years – double the amount of the last decade. Th...

Investment outlook When the dust settles

Economy & Policy Corporate & Sovereign Strategy

Country differentiation will prove key for investors navigating Latin America’s darkening economic landscape. By Nouriel Roubini

Jorge Errázuriz: The birth of a market

Chile Bonds Equity

The growth of private pension funds in Latin America has been the single most significant development for the region’s capital markets, says Celfin Captial founder Jorge ...

Latin America in 2038. A tale of two futures

Latin America has a shot at transforming its output a quarter century from now if it undertakes reforms today to boost competitiveness. But business as usual will mean a ...

Lee Buchheit: Back to reality

Bonds

Latin America must not forget the lessons it has taught the world about restructuring, says sovereign debt veteran Lee Buchheit

Luis Alberto Moreno Sign of the times

Latin America missed a chance during the boom years to pursue deep economic reforms, says IDB president Luis Alberto Moreno, but all is not lost. By Taimur Ahmad

Martín Redrado A case for change

The last decade was one of missed opportunity for Argentina, says Martin Redrado, its former central bank president. Whoever leads it through the next one cannot do so in...

Mohamed El Erian: A question of risk

Funds Economy & Policy Corporate & Sovereign Strategy

Latin America will not escape global market volatility in the coming years, says Pimco chief executive Mohamed El Erian

Nicholas Brady: Ties that bind

Bonds Corporate & Sovereign Strategy Economy & Policy

A cooling over the years in relations between Latin America and Washington is not only regrettable, but misguided, says Nicholas Brady, a former US Treasury Secretary. De...

Ricardo Lagos: The wealth problem

Chile Economy & Policy Corporate & Sovereign Strategy

Latin America faces a problem it has never before experienced: how to meet the demands of a rapidly emerging middle class. Part of the solution, says Chile’s former presi...

Roberto Setúbal: No false moves

Brazil Bonds

Latin America’s banking system has been defined by a conservatism born of bitter experience, says Roberto Setúbal, chief executive of Brazil’s biggest private sector ba...

Roger Agnelli The secret of success

Brazil Economy & Policy Corporate & Sovereign Strategy

Urbanization and a growing middle class will buoy demand for raw materials, says former Vale CEO Roger Agnelli

Ruth Krivoy Love thy neighbor

Venezuela must not squander the opportunities to increase competitiveness as it integrates into Mercosur, the country’s former central bank president warns. By Katie Llan...

Ruth Krivoy: Love thy neighbor

Venezuela must not squander the opportunities to increase competitiveness as it integrates into Mercosur, the country’s former central bank president warns

Structural reform What’s at stake

There is less mystery about what needs to be done when it comes to advancing structural reforms than about how do it. Political leaders must live up to their responsibi...

Views from the market Eternal return

Latin America may have weathered the global financial crisis, but major difficulties ahead still need to be tackled, say leading capital markets players. By Ben Miller

William Rhodes: A cautionary tale

Economy & Policy Corporate & Sovereign Strategy

Having emerged from the global financial crisis relatively unscathed, Latin America must remember that hubris never pays, says veteran banker William Rhodes