IFR Latin America Special Report 2015

Rather like the best Spaghetti Westerns, the usual suspects are present in Latin American finance – along with a familiar plot line on the tussle between order and chaos along an unruly frontier.

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Stories in Special Report

A spot of bother

Latin America looks set for a slowdown in bond issuance this year as falling commodity prices and a crisis in Brazil take their toll on issuers, but there are some bright spots where the market could still grow.

Quick, quick, slow

As they look back on a bright recent past Latin America’s lending markets are expecting a more uncertain future, with one of the changes they face being a slow but systematic transfer of capital out of loans and into a choppy bond market.

Pedalling hard

After a year of horrors the spasmodic nature of the region points to an upbeat outlook for equity capital markets. While there are uncertainties ahead, most of these are expected and quantified with optimism outweighing concerns.

The underdog growls

Investors remain confident that despite the collapse in the price of oil, Mexico’s reforms will continue to push its economy ahead of those of its Latin American rivals.

Carrion carry-on

This could be the year when the Argentine holdout debt story is finally resolved. A settlement is essential for the country, which has been shut out of the capital markets since its 2001 default.

Slip sliding away

The recent collapse in the price of oil has removed the veil of semi-respectability from Venezuela’s finances. President Nicolas Maduro denies that his country cannot meet its obligations but his reluctance to trim expenditure, and his limited options for raising fresh capital, have exposed a void that many believe will inevitably result in bankruptcy.

Shoots from shallow roots

Latin America is potentially fertile territory for Green bonds and there are signs that this market may be about to take off.

Pre-salt in the wounds

Where once there would have been a clamour to snap up Petrobras debt, now the shadow of bribery and corruption taints all that it does, such that some fear the government itself may be brought down. So what’s next for one of the emerging world’s most influential and indebted corporates?

Special Report

Special Report

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