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.

Digital retail: Latin America’s banking revolution

Digital retail: Latin America’s banking revolution

March 06, 2019

The region’s leading banks produce some of the best numbers in the global industry, and success in retail banking – and a hard-learned approach to risk management – are core; could the growth of digital banking bring a new era of change?

Santander’s second LatAm engine

Santander’s second LatAm engine

December 14, 2018

Santander’s Brazilian bank took lots of deserved acclaim when Santander released its global third-quarter results, but keep an eye on Mexico.

Bolsonaro’s Trumpian pact

Bolsonaro’s Trumpian pact

October 28, 2018

Jair Bolsonaro's election today as Brazil’s next president could well spell more market upside, but the nationalist protectionism that is likely to follow should give investors pause

Goldman signals Brazilian focus

Goldman signals Brazilian focus

July 04, 2018

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

April 09, 2018

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

March 19, 2018

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 banks adapt to lower NIMs

Brazil’s banks adapt to lower NIMs

February 22, 2018

Sharp reduction in Selic boosted 2017 profitability but is a challenge in 2018; ‘soft’ recovery in credit demand might not offset lower margins.

Brazil’s devilish future?

Brazil’s devilish future?

February 14, 2018

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

December 22, 2017

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

December 06, 2017

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

November 06, 2017

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?

BTG Pactual feels the digital force

BTG Pactual feels the digital force

October 20, 2017

Bank says rationalization of retail branch networks will boost growth; head of its digital platform hints at wider retail banking services.

Politics mask Brazil’s economic risks

Politics mask Brazil’s economic risks

October 13, 2017

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.

Banco do Brasil set to outperform

Banco do Brasil set to outperform

September 29, 2017

Investors have misconceptions about the scale of its retrenchment; growth and asset quality recovery likely to increase through 2018.

Latin America: How BTG came through the ultimate stress test

Latin America: How BTG came through the ultimate stress test

February 08, 2017

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

February 10, 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

Brazil loses monetary lever

February 05, 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.

Brazil: BNDES – extrication impossible

Brazil: BNDES – extrication impossible

November 25, 2015

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

September 10, 2015

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.

Brazilian real troubles far from over

Brazilian real troubles far from over

October 28, 2014

The decline of the Brazilian real to a nine-year low this week seemed to mark a nadir for a currency buffeted by economic and political concerns.

Brics bank: requiem for a dream

Brics bank: requiem for a dream

September 19, 2014

Incensed by their failure to reform, Brics policymakers have established a flawed rival to the World Bank and IMF.

Ferraz defends BNDES role

September 17, 2014

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

March 01, 2014

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

February 06, 2014

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?

December 17, 2013

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

December 02, 2013

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