There is increasing demand for tourism project development funds, particularly in Brazil. But the shutdown of the high yield market has forced developers to look harder for cash.
Yearly Archives: 2008
Posted inMagazine
SHF Stays the Course
Mexican mortgage agency SHF is sticking around to shepherd the market through troubled times. This brings temporary relief, but the private sector wants to lead.
Posted inMagazine
Unearthing Stressed Debt Opportunity
A significant number of LatAm corporate bonds show signs of stress, mainly due to contagion from developed markets. Investors must be selective and disciplined to exploit the opportunity.
Posted inMagazine
Vale and Xstrata Part Reluctantly
Brazil’s Vale has terminated talks on a takeover of Swiss miner Xstrata that could have generated a record $90 billion in M&A volume. Optimism among investors and bankers was running high for a deal up until late March, when they jointly announced a termination.
Posted inMagazine
Vale Losing Iron Grip
Vale’s monopoly on Brazilian iron ore supplies is coming to an end as new projects come on stream. Marginal ventures may be caught in the crosshairs of a market downturn.
Posted inWeb Articles
The 2nd Annual Andean Investment Forum
The Andean Investment Forum is a high-level, invitation-only summit created to examine and explore the developments underpinning the Andean region’s full integration into the global markets. The Forum will focus on investment opportunities in the region, the development of infrastructure projects and the securing of long-term partnerships, challenges and solutions in capital-raising for the corporate sector.
Posted inWeb Articles
The 5th Cumbre Financiera Argentina
In this event LatinFinance successfully brings together the elite of the Argentine private sector with various international investors focuses on financing and new market opportunities in Argentina. For the fifth consecutive year, the Cumbre will focus on a myriad of investments vehicles in Argentina; the opportunities for financing that are open to domestic companies from agribusiness and energy to real estate development. With the active participation of both local and international experts, participants in the Cumbre will be able to network and discuss market opportunities with their peers, partners and clients. Newly expanded to a second day, the first day will focus on the capital markets, financing, investment and the financial system, the second will be devoted to an examination of opportunities for financing and investment in the bio-fuels and agribusiness sectors in Argentina, Brazil and beyond.
Posted inDaily Brief
Fitch Affirms Chile’s Masisa
Fitch has affirmed the BBB- foreign and local currency IDRs and A national scale ratings of Chilean board products manufacturer Masisa with a negative outlook due to the company’s high leverage for the rating category. During 2007 and the first quarter of 2008, Masisa has initiated a number of transactions that are designed to lower leverage significantly. However, none of these transactions have closed. In 2008, Masisa’s Ebitda should increase to more than $215m, despite the potential loss of $4m of Ebitda due to the sale of the company’s oriented strand board plant in Brazil and the weakness in the US housing market, the agency says.
Posted inDaily Brief
Colombia Leaves Rate Unchanged
The monetary policy committee of Colombia’s central bank has left the policy rate unchanged at 9.75% after their meeting Friday, as expected, citing measures it has taken to control inflation in the past month. The bank notes, however, that the inflation in February was 1.5%, more than expected, fundamentally because of rising food prices.
Posted inDaily Brief
Local Currency Bond Funds Gain
EM bond fund flows in Q1 were characterized by strong outflows from hard currency funds countered by inflows into local currency funds, according EPFR Global. “Flows in EM bond funds continued to be a tale of two currency groups,” observes the data tracker. EM domestic bond funds took in $2.4bn in the quarter, while euro, yen and dollar-denominated EM bond funds lost $1.8bn. By returns, EM funds gained 0.02% in the week ending March 27, according to Lipper. Global income funds and international income funds gained 0.09% and 0.47%, respectively. High yield funds had the strongest gain of the week with 0.92%, while target maturity funds experienced the week’s most significant loss at 2.13%.