League tables

To view the digital version of this report, please click here. It’s been a good twelve months to be a market outside of Europe and the US. With many developed nations struggling under the weight of public and private debt, most emerging markets have been arousing a lot of attention from growth-hungry investors. But some markets have emerged...

To view the digital version of this report, please click here. The local debt capital markets in Brazil have grown rapidly in the past two years, coming to almost rival its neighbour Mexico both in terms of issuance size and maturities. It is now open to a wider array of issuers from further down the credit spectrum, and provides Brazilian firms with primary recourse to local debt, rather than looking to dollar-based funding in the Eurobond markets. A number of factors have contributed to the swift expansion of Brazil’s local markets, not least...

To view the digital version of this report, please click here. The Brazilian domestic bond market has traditionally revolved around floating rate debt, indexed to the short-term CDI rate, the average of all overnight transactions rates in the country, even for longer tenors. However, the markets are excited by a recent presidential decree and provisional measure, taking effect on January 1, aimed at increasing the level of long-term financing. Following the changes, non-residents from low tax jurisdictions pay a zero-rate withholding tax on...

To view the digital version of this report, please click here. Solid economic performance in most major markets is expected to continue throughout the coming year, which should help maintain the cycle of growth and increased trade now being enjoyed by Latin American companies. “Latin America has been growing faster than expected at the end of 2010 due to strong domestic demand growth, improved terms of trade and strong capital inflows,” Juan Rutz, chief economist for economic scenarios at BBVA Research, said in a report. “Nevertheless, we...

To view the digital version of this report, please click here. Last year, total international issuance by Brazilian corporates amounted to US$38.68bn, its highest level ever. In 2009 only US$25.8bn had been issued internationally; and only US$6.58bn in 2008, according to ThomsonReuters data. Last year, there were 69 transactions against 35 in 2009 and 25 in 2008. This year the trend has continued. By February 22 Brazilian companies had sold a total of US$11.1bn of debt overseas in 13 separate deals, including the US$6bn sold by Petrobras,...

To view the digital version of this report, please click here. Uruguay, Peru, Brazil, Chile and Colombia are all Latin American issuers with outstanding global local currency debt. Uruguay tapped the market in 2006 and Peru in 2007, while the latter three launched transactions last year. Colombia sold US$1.3bn of 11-year debt denominated in Colombian pesos in April. Chile issued US$520m of 10-year bonds denominated in Chilean pesos in July. Brazil sold R1bn (US$597m) of 2028 bonds in October, the country’s first offering of local currency...

To view the digital version of this report, please click here. Peru and Chile have long harboured ambitions to serve as regional financing hubs for Latin American issuers. Many have looked to them in the hope they could evolve into centres that would ensure issuers can continue issuing debt and circumvent any troubles that arise in the international capital markets. Telefonica del Peru, Repsol, America Movil and Southern Copper have all recently taken advantage of the bond markets in those two countries. But the development of independent...

To view the digital version of this report, please click here. Last year, the total issuance of Certificates of Real Estate Receivables (CRI, by its initials in Portuguese), the country’s main asset backed security for real estate finance, reached R8bn (US$4.8bn) against R4bn in 2009, according to research by Jones Lang LaSalle, the global commercial real estate group. In 2009 and 2010 around R1bn of this issuance was backed by credits originated from individuals, arising generally from the sale of residential property. The remainder was backed...

To view the digital version of this report, please click here. Brazil could have up to 40 IPOs and follow on deals this year, raising a total of up to US$30bn, but overall the market is likely to be a lot weaker than last year, when a total of 23 offerings in Brazil raised a record total of US$88.5bn, according to Itau BBA, the Brazilian investment bank. Of those transactions, 11 were IPOs, which raised US$82bn. In 2009, there were 24 offerings raising a total of US$25bn. Six were IPOs, which raised US$13.1bn. In 2008, there were a total of...