Special focus on Brazil

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

Goldman signals Brazilian focus

Goldman signals Brazilian focus

Investment bank steps in as BNDES stops crowding out; an important first in local-denominated financing of large project puts down marker.

BNDES embraces  its evolution

BNDES embraces its evolution

The blueprint for BNDES is for a development bank that partners with the private sector to facilitate more socially beneficial projects while using less capital.

How the markets now run Brazil

How the markets now run Brazil

Bankers and investors are increasingly confident that the country’s next president will adopt a programme of fiscal reforms, even though no leading candidates are standing on that platform.

Brazil’s devilish future?

Brazil’s devilish future?

The political opponents of former president Lula look to have ruled him out of the next election, but this risks an even more volatile outcome.

Brazil: special focus

Brazil: special focus

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

The outlier in Brazil isn’t politics

The outlier in Brazil isn’t politics

While growth forecasts for Brazil for 2018 are turning optimistic, a few – a surprisingly small number in fact – are warning about a growing downside risk for next year: a negative hit from a persistent drought.

Risk enters Brazilian wealth management

Risk enters Brazilian wealth management

A change in the interest rate environment will require a fundamental shift in mind-set from the clients of Brazil’s private banks – are they ready for it and where should they look for returns?

Politics mask Brazil’s economic risks

Politics mask Brazil’s economic risks

It seems counterintuitive, but the endless cycle of political turmoil in Brazil might be insulating the country from a crisis that is warranted by its perilous fiscal situation.

Latin America: How BTG came through the ultimate stress test

Latin America: How BTG came through the ultimate stress test

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.

Private banking: Flight to quality boosts Itaú

Private banking: Flight to quality boosts Itaú

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

Brazil loses monetary lever

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

Brazil: BNDES – extrication impossible

Brazil: BNDES – extrication impossible

With 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.

Markets mull Brazil junk-rating impact

Markets mull Brazil junk-rating impact

Battle-ready long-term investors could pick up equity and debt on the cheap, according to research, as S&P finally cuts Brazil to junk after Euromoney Country Risk rankings.

Ferraz defends BNDES role

It has become normal in Brazil for private-sector banks to express frustration with the scale and cost of BNDES’ presence in financing corporate Brazil.

Latin America: Equity dislocation as a fixed-income driver

Latin America: Equity dislocation as a fixed-income driver

The fundamental dislocation of the region’s equity markets may actually drive DCM issuance in the coming year as a much-stalled pipeline of equity deals turns to M&A in frustration – and DCM deals will be printed to finance this predicted wave.

Brazil: Private banking feels the Batista effect

Brazil: Private banking feels the Batista effect

With OGX’s debt issued internationally, there was reportedly little impact from the company’s bond default and October 2013 collapse into bankruptcy on the fixed-income portfolios of Brazil’s private banking clients – fixed income being the largest asset allocation among the vast majority of Brazil’s rich.

Is Brazil as risky as CDS prices suggest?

Is Brazil as risky as CDS prices suggest?

Brazil is a riskier portfolio option than Mexico, according to live data from Euromoney’s Country Risk Survey, but the data suggest the risk differential is smaller than is currently priced into the credit default swap market.

Brazil’s cup is half full

Brazil’s cup is half full

There is too much bearish sentiment towards Brazil - investors shouldn't forget the long-term trends and the fundamental strengths of the economy.

Brazilian equities: The OGX effect

Brazilian equities: The OGX effect

If Petrobras is considering an equity transaction in 2014, the implosion of Eike Batista’s OGX group this year won’t be helpful for investors’ perceptions of the risk of Brazil’s oil exploration and production industry.

CRT: Building blocks of Brazil’s first project finance bond

CRT: Building blocks of Brazil’s first project finance bond

CRT was a natural candidate to open the project finance bond market in Brazil because the sponsors of Rodovias do Tietê are Atlantia Bertin Concessões (a 50/50 joint venture of Atlantia and Bertin), and Ascendi (a 60/40 joint venture of Mota-Engil and Banco Espírito Santo).

Devil is in the detail in EM currencies

Devil is in the detail in EM currencies

It has been a horrible few months for emerging market (EM) currencies, with foreign exchange investors looking to exit a broad range of exposures from Brazil to Indonesia.

Brazil: Analysts dispel rumours of downgrade

The decision by Standard and Poor’s (S&P) to lower Brazil’s BBB credit outlook to negative sends a warning signal to the government but should not materialise in a downgrade, claim analysts