LatinFinance - July 2013 - 2

Contents
July 2013

Cover story: US rates
Same movie, different channel

10 Borrowers and investors struggle to position for uncertainty over
benchmark interest rates, as fears grow of an end to the EM
bull run

Swiss franc bonds
Safe haven

16 Latin issuers turn to Europe for funding as the dollar debt
markets dry up

10 Cover story

Swiss francs16

Debt restructuring
Life after default

20 A Mexican auto parts maker SanLuis Rassini works to reopen its
access to the debt market

Structured ﬁnance
New construction

24 A CDO is in contention to ﬁnance Colombia’s unprecedented
road building project

Best corporates 26

20 Debt restructuring

Best corporates
Ahead of the pack

26 LatinFinance explores acquisition plans, growth opportunities
and capital markets strategy with the winners of the 2013
Best Corporates in the Capital Markets Awards

Power and renewables
Juicing up

39 Turning increasingly to ethanol, Brazil’s sugarcane producers are
ﬁnding market access in a shifting industry

Breezing forward

39 Power and renewables

Metals and mining

45

42 Mexico’s renewable energy producers move beyond wind, into
solar and hydro projects

Metals and mining
Turn of fate

LatinFinance® (USPS 004-662), (ISSN 1048-535X) is published
bi-monthly with an additional 25th Anniversary bonus issue published
in August by Latin American Financial Publications, Inc., 1101 Brickell
Avenue, Suite N1200, Miami, Florida, 33131 USA. Periodicals
postage paid at Miami, FL and at additional mailing ofﬁces.
POSTMASTER: SEND ADDRESS CHANGES TO 1101 Brickell
Avenue, Suite N1200, Miami, Florida, 33131 USA.

45 As markets shun raw materials, Latin miners are cutting spending
to save cash

©2013 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.

48 Former Vale CEO Roger Agnelli says that in the long run
commodities prices will remain high, but for now, China holds the
key

LatinFinance Roundtables and Special Reports are underwritten by
sponsors, although the magazine’s editors retain control over the
content of these articles to ensure their objectivity and independence.

2 LATINFINANCE

July 2013

Parting shot
Wing and a prayer

LatinFinance - July 2013

Table of Contents for the Digital Edition of LatinFinance - July 2013

Latin Finance - July 2013
Same movie, different channel
Safe haven
Life after default
New construction
Ahead of the pack
Juicing up
Breezing forward
Turn of fate
Wing and a prayer
LatinFinance - July 2013 - Latin Finance - July 2013
LatinFinance - July 2013 - Cover2
LatinFinance - July 2013 - 1
LatinFinance - July 2013 - 2
LatinFinance - July 2013 - 3
LatinFinance - July 2013 - 4
LatinFinance - July 2013 - 5
LatinFinance - July 2013 - 6
LatinFinance - July 2013 - 7
LatinFinance - July 2013 - 8
LatinFinance - July 2013 - 9
LatinFinance - July 2013 - Same movie, different channel
LatinFinance - July 2013 - 11
LatinFinance - July 2013 - 12
LatinFinance - July 2013 - 13
LatinFinance - July 2013 - 14
LatinFinance - July 2013 - 15
LatinFinance - July 2013 - Safe haven
LatinFinance - July 2013 - 17
LatinFinance - July 2013 - 18
LatinFinance - July 2013 - 19
LatinFinance - July 2013 - Life after default
LatinFinance - July 2013 - 21
LatinFinance - July 2013 - 22
LatinFinance - July 2013 - 23
LatinFinance - July 2013 - New construction
LatinFinance - July 2013 - 25
LatinFinance - July 2013 - Ahead of the pack
LatinFinance - July 2013 - 27
LatinFinance - July 2013 - 28
LatinFinance - July 2013 - 29
LatinFinance - July 2013 - 30
LatinFinance - July 2013 - 31
LatinFinance - July 2013 - 32
LatinFinance - July 2013 - 33
LatinFinance - July 2013 - 34
LatinFinance - July 2013 - 35
LatinFinance - July 2013 - 36
LatinFinance - July 2013 - 37
LatinFinance - July 2013 - 38
LatinFinance - July 2013 - Juicing up
LatinFinance - July 2013 - 40
LatinFinance - July 2013 - 41
LatinFinance - July 2013 - Breezing forward
LatinFinance - July 2013 - 43
LatinFinance - July 2013 - 44
LatinFinance - July 2013 - Turn of fate
LatinFinance - July 2013 - 46
LatinFinance - July 2013 - 47
LatinFinance - July 2013 - Wing and a prayer
LatinFinance - July 2013 - Cover3
LatinFinance - July 2013 - Cover4
https://www.nxtbook.com/nxtbooks/latinfinance/0319QMR
https://www.nxtbook.com/nxtbooks/latinfinance/1218JYM
https://www.nxtbook.com/nxtbooks/latinfinance/paraguay_2018
https://www.nxtbook.com/nxtbooks/latinfinance/8320YTM
https://www.nxtbook.com/nxtbooks/latinfinance/8465TBM
https://www.nxtbook.com/nxtbooks/latinfinance/1476YBW
https://www.nxtbook.com/nxtbooks/latinfinance/7835THM
https://www.nxtbook.com/nxtbooks/latinfinance/8655TGL
https://www.nxtbook.com/nxtbooks/latinfinance/0614IJP
https://www.nxtbook.com/nxtbooks/latinfinance/ecuador_20170910
https://www.nxtbook.com/nxtbooks/latinfinance/2713KNP
https://www.nxtbook.com/nxtbooks/latinfinance/4982CFT
https://www.nxtbook.com/nxtbooks/latinfinance/7803HWE
https://www.nxtbook.com/nxtbooks/latinfinance/3829THA
https://www.nxtbook.com/nxtbooks/latinfinance/7891MDD
https://www.nxtbook.com/nxtbooks/latinfinance/7714JCR
https://www.nxtbook.com/nxtbooks/latinfinance/5619CMK
https://www.nxtbook.com/nxtbooks/latinfinance/6939ASL
https://www.nxtbook.com/nxtbooks/latinfinance/1364ASF
https://www.nxtbook.com/nxtbooks/latinfinance/0453DAS
https://www.nxtbook.com/nxtbooks/latinfinance/0453DAS_supp
https://www.nxtbook.com/nxtbooks/latinfinance/1304APV
https://www.nxtbook.com/nxtbooks/latinfinance/7234GSD
https://www.nxtbook.com/nxtbooks/latinfinance/1643XGS
https://www.nxtbook.com/nxtbooks/latinfinance/9511JKM_supp
https://www.nxtbook.com/nxtbooks/latinfinance/9511JKM
https://www.nxtbook.com/nxtbooks/latinfinance/8745TNV
https://www.nxtbook.com/nxtbooks/latinfinance/3629PBC
https://www.nxtbook.com/nxtbooks/latinfinance/7466TBC_HSBC
https://www.nxtbook.com/nxtbooks/latinfinance/7466TBC_supp
https://www.nxtbook.com/nxtbooks/latinfinance/7466TBC
https://www.nxtbook.com/nxtbooks/latinfinance/9463RVB
https://www.nxtbook.com/nxtbooks/latinfinance/7345GPY
https://www.nxtbook.com/nxtbooks/latinfinance/6398TVB
https://www.nxtbook.com/nxtbooks/latinfinance/4899EXM_supp
https://www.nxtbook.com/nxtbooks/latinfinance/4899EXM
https://www.nxtbook.com/nxtbooks/latinfinance/3885CWS
https://www.nxtbook.com/nxtbooks/latinfinance/45923GBC
https://www.nxtbook.com/nxtbooks/latinfinance/67449NBD
https://www.nxtbook.com/nxtbooks/latinfinance/46733NLP
https://www.nxtbook.com/nxtbooks/latinfinance/78456HCL
https://www.nxtbook.com/nxtbooks/latinfinance/89456RBM
https://www.nxtbook.com/nxtbooks/latinfinance/22278HBL
https://www.nxtbook.com/nxtbooks/latinfinance/2895YBM
https://www.nxtbook.com/nxtbooks/latinfinance/9033TBM
https://www.nxtbook.com/nxtbooks/latinfinance/8934TNP
https://www.nxtbook.com/nxtbooks/latinfinance/costarica20130304
https://www.nxtbook.com/nxtbooks/latinfinance/4672PNB
https://www.nxtbook.com/nxtbooks/latinfinance/9377BKL
https://www.nxtbook.com/nxtbooks/latinfinance/drmtest
https://www.nxtbook.com/nxtbooks/latinfinance/drmtest2
https://www.nxtbook.com/nxtbooks/latinfinance/5532LMC
https://www.nxtbook.com/nxtbooks/latinfinance/9044TBM
https://www.nxtbook.com/nxtbooks/latinfinance/4877RBC
https://www.nxtbook.com/nxtbooks/latinfinance/3008JHV
https://www.nxtbook.com/nxtbooks/latinfinance/3728YBC
https://www.nxtbook.com/nxtbooks/latinfinance/9337KLM
https://www.nxtbook.com/nxtbooks/latinfinance/5674GNJ
https://www.nxtbook.com/nxtbooks/latinfinance/8330KMC
https://www.nxtbook.com/nxtbooks/latinfinance/7663HCM
https://www.nxtbook.com/nxtbooks/latinfinance/2319ZMB
https://www.nxtbook.com/nxtbooks/latinfinance/7110MKL
https://www.nxtbook.com/nxtbooks/latinfinance/8599FHG
https://www.nxtbook.com/nxtbooks/latinfinance/4517HJK
https://www.nxtbook.com/nxtbooks/latinfinance/7813GHB
https://www.nxtbook.com/nxtbooks/latinfinance/1564FBM
https://www.nxtbook.com/nxtbooks/latinfinance/8884HGV
https://www.nxtbook.com/nxtbooks/latinfinance/7863SVB
https://www.nxtbook.com/nxtbooks/latinfinance/5233SFB
https://www.nxtbook.com/nxtbooks/latinfinance/5899SML
https://www.nxtbook.com/nxtbooks/latinfinance/4311PMN
https://www.nxtbook.com/nxtbooks/latinfinance/1366FBB
https://www.nxtbook.com/nxtbooks/latinfinance/9355AXC
https://www.nxtbook.com/nxtbooks/latinfinance/8559EBN
https://www.nxtbook.com/nxtbooks/latinfinance/8244QXC
https://www.nxtbook.com/nxtbooks/latinfinance/1779BBN
https://www.nxtbook.com/nxtbooks/latinfinance/7144XVB
https://www.nxtbook.com/nxtbooks/latinfinance/8971QGH
https://www.nxtbook.com/nxtbooks/latinfinance/200805
https://www.nxtbook.com/nxtbooks/latinfinance/200804
https://www.nxtbook.com/nxtbooks/latinfinance/200803
https://www.nxtbookmedia.com