Brazil: special focus

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Euromoney's recent coverage of the macroeconomic, FX, fixed income and equity market trends in Latin America's largest –and crisis-beset – economy.

Bric: special focus 

Emerging markets: special focus

Latin America: Brazil’s central bank attacks 'spread bancario’ 
February 2017

High cost of credit in the 'free market’ segments seen as economic impediment; president of BCB committed to lower costs and greater competition.

Latin America: How BTG came through the ultimate stress test
February 2017
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When Brazilian federal police knocked on the door of André Esteves’ Rio de Janeiro home on the morning of November 25, 2015, they were not only arresting one of the country’s most prominent bankers, they were also delivering a hammer blow to his bank, BTG Pactual. There followed a stress test that would threaten the collapse of the bank. Here’s the story of how the partners forged a business model for BTG in the glare of public scrutiny.

Latin America – BTG Pactual: Esteves’ arrest shows how to run a bank
February 2017
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How many firms would survive the detention of the founder, dominant partner and largest shareholder? There is a lesson for others in that.

Private banking: Brazil’s locals consolidate and fight for offshore
February 2017
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The hoped-for flows onshore from last year’s amnesty on offshore wealth have failed to materialise, so far. Meanwhile, Citi and HSBC have sold up. So where did a 15% increase in assets under management come from?

Brazil extends successful offshore wealth amnesty
December 2016
Amnesty has been a big fiscal bonus for government in 2016; large inflows have been counterintuitively a net-negative for local AUM.

Brazil begins micro reforms in attempt to end recession
December 2016

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Regulatory reforms negative for non-bank financials; banks’ NPLs could get a boost through reform of FGTS.

BTG aims downmarket as technology reshapes Brazilian banking
December 2016
BTG Pactual launches online-only investment platform; Banco do Brasil shedding jobs as it pushes digital.

Latin America: The sucking sound of Brazilian interest rates
November 2016

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Brazil’s economy leads the world in high interest rates. It is a blessing for banks but a burden on the economy – draining resources away from both new investment and consumption. Will new credit platforms finally jolt the established banks into a competitive response where previous strategies have failed?

Banco do Brasil strives to turn a corner
November 2016
New management aims to rebuild core equity; attractive valuation if it avoids equity issuance.

Latin America: Investment bankers optimistic for upturn
November 2016
Revenues still depressed by poor ECM; DCM and M&A resilient but at low levels.

Brazil: BMG’s short-sighted asset sale to Itaú
October 2016
Sale of JV stake will boost capital ratios but adds strategic uncertainty, while the acquisition further strengthens Brazil’s largest private bank.

Brazil: Itaú acquisition raises competition concerns 
October 2016 
Citi exit increases concentration; lack of competition 'causing economic damage’.

Brazil: BM&F Bovespa’s room for recovery in question
October 2016
Exchange already 'toppish’, valuations suggest; Bovespa argues internationalisation adds differentiation.

Central Bank of Brazil fluffs its lines
October 2016
Brazil’s central bank chief has missed a great opportunity to address its uncompetitive banking sector.

Latin America: Brazilian brokers wave the offside flag
September 2016

Since demutualization, Brazil’s stock exchange, the BM&F Bovespa, has become hugely profitable and powerful but the majority of its brokers are struggling for survival. Doubts remain as to whether their mutual interests can be realigned but there is little sympathy for the brokers.

Latin America fintech: Brazil’s digital puzzle
September 2016
New regulation in the pipeline to cover fintech companies; large banks wary of cannibalisation of revenues.

Brazil improving, but Olympian feat required to reclaim investment grade
August 2016

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A cyclical recovery is under way yet huge fiscal problems remain, and whether progress is sustained depends on structural reforms, risk experts caution.

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Latin America: Lacerda plays a grown-up game
August 2016
The downturn in Brazil does not faze Ricardo Lacerda, founding partner of local investment bank BR Partners. Advisory remains the bedrock of his business, but political instability makes him think the next five years could undermine the last 20.

Brazilian banks’ share rally to falter?
August 2016
Best global performers so far this year; Rally technical; fundamentals remain poor.

Brazil: What’s the Portuguese for backbone?
June 2016

Brazil might develop a more mutually beneficial equities market, but history suggests it won’t.

Hopes rise for Brazilian equities
June 2016
Political risk no longer driving equity performance; privatizations on investors radar.

Brazil looks to join Argentina’s DCM party
June 2016
Petrobras opens way for strong Brazilian pipeline; Argentina sovereign praised for helping deal flow.

Brazil and Argentina: A tale of two debt stories
May 2016

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Argentina and Brazil are heading in opposite directions.

Latin America: As Brazil falls, private equity rises
May 2016
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Every cloud has a silver lining, and private equity firms are pretty good at finding them. Is that why they are now targeting crisis-hit Brazil? Have they learnt from their poor recent performance?

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Brazil: Corporate default fear drives impeachment
May 2016
Markets rally on Rousseff’s woes; corporations pressure politicians.

Brazilian issuers eye securitization funding
April 2016 Cheapest access to dollars: politics helps mask economic realities.