The 2011 guide to Brazil

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Published in conjunction with:

  Banco do Brasil

  Bradesco

  Ultrapar



Growth remains the target
Brazil’s economy is facing new challenges, having come through the 2008 financial crisis virtually
unscathed. The government’s apparent determination to push for continued growth is reviving fears of
a rise in inflation

Bradesco: A decade of performance
Brazil has withstood the headwinds of the global economy. Bradesco’s solid strategic positioning will
ensure it continues to benefit from the country’s increasing global strength

2011: the year of the Brazilian stranglehold?
Times are tough for international investment banks attracted by the dynamic Brazilian market. The
big local players have a tight grip on the business that they don’t intend to yield and may even soon be
challenging the foreigners in other Latin American markets

Strengthening while the world weakens
Brazil’s credit is strengthening, not just in relative terms as the US and European countries suffer
downgrades, but in absolute terms: all three major rating agencies have increased the Republic of
Brazil’s credit rating this year, the first of Dilma Rousseff ’s administration

Corporate finance roundtable
The global financial crisis in Europe and the US is not just being transmitted to emerging market
companies through shifting demand from the developed world. Changing availability, liquidity and
pricing of debt is having an impact on corporate finance options for companies in the emerging
markets. Four senior corporate financiers at leading Brazilian companies tell Rob Dwyer about the
practical impact of the current financial volatility

A hint of things to come?
What had looked like a promising year for Brazilian share issues failed to live up to expectations

Local firms change the balance of M&A
M&A activity is changing character, with the number of cross-border deals falling as Brazilian
companies consolidate






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Project finance and the infrastructure challenge
Brazil needs huge sums to develop its infrastructure but long-term project finance is becoming harder to find as European banks pull back and the dominant role of development bank BNDES discourages
local players