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

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

Henrique Meirelles-R-600.
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

Dollar hole-600
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

Rio Olympics finish line-R-600
A cyclical recovery is under way yet huge fiscal problems remain, and whether progress is sustained depends on structural reforms, risk experts caution.

Ricardo Lacerda illustration-160x186
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

two cities
Argentina and Brazil are heading in opposite directions.

Latin America: As Brazil falls, private equity rises
May 2016
Christ the redeemer Brazil-R-600
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?

160 x 186 Brazil Rally
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.

Brazil: Disposals help BTG Pactual pass liquidity test
April 2016
Shores up confidence; retains minority Swiss bank stake.

Euromoney Country Risk survey results Q1 2016: Heightened concern over Brazil, China and other EMs accentuates global shock prospects
April 2016

China skids military-R-600
Country risk scores for many of the large emerging markets (EMs) continued to fall in the first months of the year. Risk scores have now reached levels that do not preclude another global shock if China hits the skids.

Private banking: Flight to quality boosts Itaú
February 2016
What’s a wealthy Brazilian to do faced with economic and political turmoil, scandal at one of the country’s leading private banks, and a big change to the tax law? Turn to the undisputed market leader in wealth management, it seems.

Brazil loses monetary lever
February 2016
The Central Bank of Brazil is facing a credibility struggle, making it even harder for investors to predict when country’s turnaround will come.

Euromoney Country Risk survey results 2015: China, Brazil and South Africa lead EM credit rout
January 2016
dollar bag chains-600
Political instability, falling commodity prices, central-bank policy uncertainties and conflict were the principal negative risk factors for investors to contemplate at the turn of the year, as China’s troubles were brought into focus by another round of financial volatility.

Brazil: BTG fights for survival
January 2016
Esteves’ exit fails to slow outflows; oil and gas exposure in spotlight.
Latin America: Ditching the left, right?
Dilma Rousseff doll-R-600
January 2016
International investors will swiftly return to Latin America if they see clear evidence of economic progress.

LatAm capital markets: Rebound prospects look gloomy
January 2016
Brazil or Argentina need to spark revival; Latin America investment banking’s worst year since 2009.

Brazil: BNDES – extrication impossible
December 2015With a struggling economy, Brazil will continue to rely heavily on its state development bank to provide long-term finance for crucial infrastructure projects, unless private-sector alternatives can be found.

Brazil seeks foreign help for infrastructure
November 2015

Guarantees to aid private sector flows; BNDES scaling back but still dominant player.
Brazil private sector banks: Pessimism takes root
November 2015
Toxic outlook for economy and NPLs; impact of higher NIM sparks debate.