Brazil’s regulator is targeting abuse ranging from lack of transparency on compensation to bloating balance sheets with temporary loans from underwriters.
Category: 2007
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Malaise Turns Tonic for Brazil
Brazil’s surging currency makes foreign products so cheap they are flooding the country. This keeps a lid on prices, drives rates down and makes inflation-linked bonds more attractive.
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Transferring Power
Colombia has raised close to $6 billion in the past 18 months by selling state-owned assets. Proceeds have retired debt and there is more for sale in the power sector.
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Cautious Optimism
Growth forecasts are bullish for the Caribbean, where overspending on sports is countered by tourism and construction investment. However, crime is still an issue.
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Merger Trend Intact
M&A activity remains brisk, leading many to ask when it will all end. But bankers expect continued flow in the second half, driven by a larger number of smaller issues, but with the potential for a jumbo trade, perhaps from a new market like the Andes. While smaller firms look to gain critical mass in competitive sectors, larger blue chips like América Móvil will look to spread their wings overseas.
As expected, this year has seen a greater number of transactions but lower volume overall. Dealogic data shows just over $71 billion from 839 deals for the year to mid-August, versus $101 billion and 603 trades in the corresponding period of 2006. Bankers say the drivers of the M&A revival are still in place. “We continue to see a good pipeline,” says Udi Margulies, head of LatAm M&A for Lehman Brothers.
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Veering off Course
Argentina’s next president needs to grab the economic bull by the horns to lure international investors. Macro problems are multiplying.
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Challenges Accumulate
The next Jamaican prime minister faces significant challenges, including too much debt, rising unemployment and a crime wave.
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MFIs Seek Relevance
Multilaterals are finding a niche in directing capital to Latin America’s under-banked smaller and higher risk corporations. They are slowly clawing back relevance.
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Waiting for Change
President Lula is under fire as Brazil struggles to capitalize on unprecedented bullish operating conditions. Cracks in the macro story are spreading.
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Chilean Banks Move up the Ranks
Our third annual survey of ethics and sustainability at Latin America’s leading banks has been expanded significantly and shows Chile’s financial institutions gaining on Brazil’s.