Vale’s push into fertilizers gives it a new domestic line of business with promising long term growth. It may have found a way to appease both investors and politicians.
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COMMENT: Where’s the Upside?
Investors who are new to Brazil may be excused for thinking it is a one-way bull run, especially after last year’s 75% stock vault.
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PEOPLE: BNP Makes LatAm Push
BNP Paribas is growing the LatAm business, which it expects to be increasingly lucrative in the medium term.
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DEBT: Investors Take Stock
The pace of new bond issuance was brisk at the start of 2010, with a shift towards more corporate and bank borrowers making up for an absence of quasi-sovereign issuers compared to previous years.
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EQUITY: Lowering the Bar
The region’s first two IPOs of the year, both from Brazil, failed to meet their stated pricing targets by sizable margins, kicking off what looked like a sour start to 2010.
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STRUCTURED FINANCE: Seeking a New Platform
A new and significant twist has developed in the Petrobras platform financing story.
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M&A: Starting Out Strong
Latin America started the year with a bang on the M&A front. As of early February, deals worth more than $25 billion had been announced, according to Dealogic.
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Finance Minister Rankings: Trial by Fire
Chile beats Mexico when LatAm finance ministers are ranked for their handling of last year’s crisis. Unwinding stimulus measures and containing inflation are the main challenges.
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Chile Elections: Codelco Stake on the Block?
Sebastián Piñera, the billionaire president-elect of Chile, faces stiff resistance to privatizing 20% of Codelco, the world’s biggest copper producer. He will move very carefully.
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Samurai Bond Market: LatAm Issuers Return
Sovereigns have returned to Japan for diversification at an attractive rate. Corporates are another matter and the scope of the Samurai market remains to be seen.