September / October 2013

Front notes: Bracing for the turn

Equity news: Going strong


A busy pipeline of Brazilian IPOs and follow-ons is setting 2013 up to be one of the better years for Latins in the equity capital markets

M&A News: Cola wars


Latin America’s Coca-Cola bottlers tussle over the Brazilian market while elsewhere telecom acquisitions heat up

Debt news: AMX debt spree


Borrowers have lunged at bond markets before and after a summer hiatus, eager to raise cash while it’s available. In need of acquisition funds, América Móvil has been par...

People News: EBX shake-up


New management at Batista’s firms — Eyzaguirre quits Canal 13 — Venezuelan central bank gets third governor of 2013

Cover story: The problem with Brazil

Brazil Economy & Policy Corporate & Sovereign Strategy

Brazil must overhaul its growth model if it is to avoid shuffling into a lackluster future. But as an election year approaches, change remains elusive

Jamaican debt: Breaking the cycle

Jamaica Bonds

Jamaica’s first quarter debt restructuring bought it some time. Whether it will be enough depends on the island’s success with a difficult economic turn-around

Central bank scorecard: Steady hand

Economy & Policy Corporate & Sovereign Strategy

Latin America’s central banks have had a tough year navigating volatility amid slowing growth, falling currencies and capital outflows. Over the past year, Mexico stands ...

Investment banking fees survey: Under pressure


Banks are earning about as much in fees as they were a year ago, with a burst of ECM activity compensating for a sharply slower M&A market. Much now depends on market sta...

Infrastructure Finance Awards 2013

Corporate & Sovereign Strategy

As infrastructure needs grow in Latin America, so the funding opportunities are becoming broader, deeper and more sophisticated. LatinFinance recognizes the stand-out dea...

Best Infrastructure Financing, Mexico

Corporate & Sovereign Strategy Project & Infrastructure Finance

Attracting international investors into a local currency bond to finance expansion of a toll road has broadened the investor base for Mexican infrastructure

Best Infrastructure Financing, Brazil

Corporate & Sovereign Strategy Project & Infrastructure Finance

A toll road deal advanced Brazilian project funding when it sold the first large, widely-marketed infrastructure debenture to international accounts

Best Infrastructure Financing, Andean Region

Corporate & Sovereign Strategy

Local bond investors and banks put forward strong support for Peru’s largest project bond, funding a toll road through Lima

Best Power Financing

Corporate & Sovereign Strategy

Bond investors proved better placed to pick up construction risk for a Mexican power plant than bank lenders, opening the way for more infrastructure debt sales

Best Renewable Energy Financing

Corporate & Sovereign Strategy

Financing two wind farm projects in southern Mexico was hard work, but the deal stands out for attracting bond investors to a new type of risk

Best Oil/Gas Financing

Corporate & Sovereign Strategy

Highlighting the growing strength of Colombian banks, oil pipeline Bicentenario was funded purely by local lenders, in an impressive marker for the country’s financial pr...

Best Mining Financing

Corporate & Sovereign Strategy

Sponsor Largo Resources employed a novel structure when it financed construction of a production facility for a mineral which is equally unusual in Latin America

Best Social Infrastructure Financing

Corporate & Sovereign Strategy

With bonds backed by government health contracts, a Mexican hospital financing opens the way for further deals

Best Infrastructure Bank

Corporate & Sovereign Strategy Project & Infrastructure Finance

The global investment bank has had a prominent position on numerous leading infrastructure financings, incorporating bonds and loans, as well as local currencies and doll...

Best Infrastructure Law Firm

Corporate & Sovereign Strategy Project & Infrastructure Finance

An extensive infrastructure financing team covering Latin America makes White & Case an important player in a number of the region’s most impressive deals

Bradesco Seguros investor perception study: Extending coverage

Brazil Bonds Equity

Brazil’s insurance sector is tipped to grow and consolidate say investors and analysts, who would like to see more direct ways of playing the sector

Investor report: Mexico


Mexico's economy: Crunch time

Mexico Economy & Policy Corporate & Sovereign Strategy

As economic indicators flag, Mexico's president remains determined to transform the country. But getting the law through congress could be complicated

Mexico's Fiscal Reform: Reshaping the system

Mexico Economy & Policy Corporate & Sovereign Strategy

Mexico’s much-anticipated fiscal reform offers something for everyone, including a number of surprises

Mexico infrastructure: Ground rules

Mexico Bonds Loans

The Mexican government has ambitious plans for revamping the country’s infrastructure. But first it must get the investment framework right

Mexico real estate: Long way home

Mexico Bonds

As Mexico’s homebuilders wrangle over restructuring agreements with bondholders, the blame game is fierce

Investor report: Brazil


Brazil infrastructure: The way ahead

Brazil Bonds Project & Infrastructure Finance

Investors remain skeptical that Brazil’s concession program for financing much-needed infrastructure projects will succeed where past attempts have failed

Brazil capital markets: Points of view


Brazil will need to rebalance more than just its stock index to improve the lot of its companies. Yet relative to other countries, its markets might now be set for a seco...

Brazil Stars Index: Taking stock


Investment banking compensation: Global divide


As regulation on bonuses at investment banks in Europe advances, the effects are being felt in Brazil, albeit slowly

Investor Report: Andean Region


Andean economics: Beyond the boom

Andean Economy & Policy Corporate & Sovereign Strategy

Andean governments are stepping up efforts co counter an economic slowdown in their once booming economies. Most expect the decline to be short-lived

Colombia's banks: Foreign affairs

Central America M&A

Colombia’s largest financial institutions are on an acquisition spree in Central America. With tough regulations at home, the diversification is welcome

Andean pensions: Power to the people

Bonds Funds

Expanding much faster than GDP, retirement funds in Chile, Colombia and Peru have reached a size that makes them major movers of domestic markets. Regulators are starting...

Investor report: Paraguay


Paraguayan economy: High hopes

Economy & Policy Corporate & Sovereign Strategy Paraguay

Paraguay’s new president has vowed to end the economy’s dependency on commodities. Making that happen won’t be easy

Paraguay debt: Mass appeal

Bonds Paraguay

The sovereign is hoping to lead the way in courting capital to Paraguay. Boosting foreign investment will be key to its ambitious infrastructure plan

Parting shot: A moment in time

Economy & Policy Corporate & Sovereign Strategy

Latin economies must boost productivity growth if they are to avoid economic and political crises. Emerging Asia’s success is instructive. By Barry Eichengreen