Latin Finance - April 2008 - 1

Contents April 2008 BRAZILIAN REAL ESTATE 10 Global investors have plucked the low hanging Brazilian real estate fruit. A growing cluster of focused private equity shops wrestles for the next opportunity. MEXICAN MORTGAGES 15 Mexican mortgage agency SHF is sticking around to shepherd the market through troubled times. But the private sector wants to lead development. PERUVIAN MINING 18 Peru’s mining bonanza will be driven by private investment of more than $10 billion in the next five years. However, there is a growing popular backlash. BRAZILIAN IRON ORE 20 Vale’s monopoly on Brazilian iron ore is coming to an end. 10 Brazil Real Estate Brazil Iron Ore 20 BANESCO EXPANSION 22 The “Bolivarian Revolution” has smiled on Venezuela’s bankers, particularly the highly profitable Banesco. A tougher outlook drives expansion into Central America. BANCO INDUSTRIAL STRATEGY 24 Guatemala’s dominant financial institution, Banco Industrial, awaits an IPO window. TRINIDAD POWER 26 Oil and gas companies are taking advantage of high prices to invest in the future. NGC alone plans to spend around $500 million. 29 Dominican Republic Caribbean Investment 32 DOMINICAN REPUBLIC 29 The country is braced for US contagion but capital markets keep growing. TOURISM FINANCE 34 The high yield shutdown forces developers to look harder for cash. CORPORATE TRAVEL GUIDE 36 Where to stay, eat and relax, while you do business in Latin America. MID-CAP BANKS 36 Corporate Travel Guide Inside Source 62 49 Smaller financial institutions have raised their game in ethics, sustainability and corporate governance. INSIDE SOURCE LatinFinance® (USPS 004-662), (ISSN 1048-535X) is published monthly except bimonthly December/January and July/August by Latin American Financial Publications, Inc., 2600 Douglas Road., Suite 410, Coral Gables, FL 33134 USA. Periodicals postage paid at Miami, FL and at additional mailing offices. POSTMASTER: SEND ADDRESS CHANGES TO: LATINFINANCE, 2600 DOUGLAS ROAD, SUITE 410, CORAL GABLES, FLORIDA 33134 USA Copyright© 2007 Latin American Financial Publications, Inc. All rights reserved. Reproduction in whole or in part of any text, photograph, or illustration without written permission from the publisher is strictly prohibited. Title is protected through a trademark registration with the US Patent Office. 62 BlueBay’s Simon Treacher on the risks and rewards. 63 PARTING SHOT A large number of LatAm corporate bonds show signs of stress, says Gramercy’s Robert Rauch. Who said that? “They haven’t got enough cash. I think a couple of the meat companies could go bust this year.” See page 62 LatinFinance Round Tables are underwritten by sponsors, although the magazine’s editors retain control over the content of these articles to ensure their objectivity and independence. April 2008 LATINFINANCE 1

Latin Finance - April 2008

Table of Contents for the Digital Edition of Latin Finance - April 2008

Latin Finance - April 2008
Contents
Brazilian Real Estate
Mexican Mortgages
Peruvian Mining
Brazilian Iron Ore
Banesco Expansion
Banco Industrial Strategy
Trinidad Power
Dominican Republic
Tourism Finance
Corporate Travel Guide
Mid-Cap Banks
Inside Source
Parting Shot
Latin Finance - April 2008 - Latin Finance - April 2008
Latin Finance - April 2008 - Cover2
Latin Finance - April 2008 - Contents
Latin Finance - April 2008 - 2
Latin Finance - April 2008 - 3
Latin Finance - April 2008 - 4
Latin Finance - April 2008 - 5
Latin Finance - April 2008 - 6
Latin Finance - April 2008 - 7
Latin Finance - April 2008 - 8
Latin Finance - April 2008 - 9
Latin Finance - April 2008 - Brazilian Real Estate
Latin Finance - April 2008 - 11
Latin Finance - April 2008 - 12
Latin Finance - April 2008 - 13
Latin Finance - April 2008 - 14
Latin Finance - April 2008 - Mexican Mortgages
Latin Finance - April 2008 - 16
Latin Finance - April 2008 - 17
Latin Finance - April 2008 - Peruvian Mining
Latin Finance - April 2008 - 19
Latin Finance - April 2008 - Brazilian Iron Ore
Latin Finance - April 2008 - 21
Latin Finance - April 2008 - Banesco Expansion
Latin Finance - April 2008 - 23
Latin Finance - April 2008 - Banco Industrial Strategy
Latin Finance - April 2008 - 25
Latin Finance - April 2008 - Trinidad Power
Latin Finance - April 2008 - 27
Latin Finance - April 2008 - 28
Latin Finance - April 2008 - Dominican Republic
Latin Finance - April 2008 - 30
Latin Finance - April 2008 - 31
Latin Finance - April 2008 - 32
Latin Finance - April 2008 - 33
Latin Finance - April 2008 - Tourism Finance
Latin Finance - April 2008 - 35
Latin Finance - April 2008 - Corporate Travel Guide
Latin Finance - April 2008 - 37
Latin Finance - April 2008 - 38
Latin Finance - April 2008 - 39
Latin Finance - April 2008 - 40
Latin Finance - April 2008 - 41
Latin Finance - April 2008 - 42
Latin Finance - April 2008 - 43
Latin Finance - April 2008 - 44
Latin Finance - April 2008 - 45
Latin Finance - April 2008 - 46
Latin Finance - April 2008 - 47
Latin Finance - April 2008 - 48
Latin Finance - April 2008 - Mid-Cap Banks
Latin Finance - April 2008 - 50
Latin Finance - April 2008 - 51
Latin Finance - April 2008 - 52
Latin Finance - April 2008 - 53
Latin Finance - April 2008 - 54
Latin Finance - April 2008 - 55
Latin Finance - April 2008 - 56
Latin Finance - April 2008 - 57
Latin Finance - April 2008 - 58
Latin Finance - April 2008 - 59
Latin Finance - April 2008 - 60
Latin Finance - April 2008 - 61
Latin Finance - April 2008 - Inside Source
Latin Finance - April 2008 - Parting Shot
Latin Finance - April 2008 - 64
Latin Finance - April 2008 - Cover3
Latin Finance - April 2008 - Cover4
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