Italian retail investor’s love affair with Argentine bonds ended abruptly when the sovereign left its creditors in the lurch. Angry Italians want someone to compensate them for their losses.
Category: 2002
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Cordoning Off Political Risk
After jumping through legal hoops, the Argentine oil company Tecpetrol successfully restructured $230 million in bank loans. Securitized revenues made the new debt palatable to creditors and the government.
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Presidential Promises Falter
President Vicente Fox has been unable to overcome the
political obstacles to many of his vaunted reform plans. Still,Mexico has largely avoided South America’s malaise and remains a regional economic powerhouse.
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Prudence as a National Consensus
Despite the financial turmoil spreading across South America, Chile remains an isalnd in the storm. The country has pragmatism inits blood and its finance minister, Nicolás Eyzaguirre, has maintained rigid control over national spending. His former counterpart in Peru (see “Politics Torpedoes Growth”) has had less success.
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Resource Rich, Politically Feeble
Trinidad and Tobago has more money than it knows what to do with. A debilitating political deadlock is making dealing
with this abundant liquidity an even greater problem.
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Selling Out with High Hopes
Corus’s acquisition of Brazilian steelmaker Companhia
Siderúrgica Nacional slashes the Latin American company’s financing costs and folds it into an investment grade European competitor.
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Skill Sets and Creativity Rule
The region’s top borrowers value their investment banks’ ability to anticipate problems, provide secondary market
support and use creative thinking even more than a close
relationship, according to a LatinFinance poll.