Latin Finance - July/August 2011 - 1

Contents
July/August 2011

DEBT FUND MANAGER SURVEY

10 Investors are turning to corporate bonds and moving down the ratings spectrum to boost portfolios. Are they weighing credit risk properly?

EQUITY FUND MANAGER SURVEY LATAM TECH INVESTING

17 Investors hunt for value and diversiﬁcation away from Brazil. 21 The potential for a repeat of North America’s tech boom has some investors salivating, but a lack of exit opportunities remains an obstacle.

CENTRAL BANK POLICY CENTAM ENERGY

26 Faced with an over-valued real, Brazil is relying on a wider set of ‘macro-prudential’ measures to ﬁght inﬂation.

10 Debt Fund Manager

Equity Fund Manager Survey17

28 The need to reverse Central America’s reliance on fossil fuels will spur an investment boom in renewable energy.

MEXICAN AIRLINES

32 In the last three years, eight airlines in Mexico have ceased operations. But those remaining are looking to expand.

MEXICAN RENEWABLES

36 Mexico’s wind energy market is potentially lucrative. But a lack of government commitment, and insufﬁcient transmission capacity could stall its development.

PERU AGRICULTURE
21 LatAm Tech Investing
Central Bank Policy 26

39 Nearly all of Peru’s long coastal strip is desert, but just add a bit of water and the arid landscape quickly becomes a paradise for farmers.

CORPORATE SUSTAINABILITY EUROPEAN PRIVATE EQUITY PARTING SHOT
36 Mexican Renewables
Peru Agriculture 39

41 LatAm telecom companies faced a tougher compliance questionnaire this year. Despite improvements, most fell short. 44 European funds are increasingly eyeing LatAm PE in an effort to gain exposure to the growth in middle class consumption. 48 Chinese companies want to invest in LatAm, but gaining access to cheap ﬁnancing can be difﬁcult.

Who said that?
LatinFinance® (USPS 004-662), (ISSN 1048-535X) is published bimonthly by Latin American Financial Publications, Inc., 1101 Brickell Avenue, Suite N1200, Miami, Florida USA. Periodicals postage paid at Miami, FL and at additional mailing ofﬁces. POSTMASTER: SEND ADDRESS CHANGES TO: 1101 Brickell Avenue, Suite N1200, Miami, Florida USA Copyright© 2011 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. 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.

“Selic is the pea under the mattress. The princess can feel it but a lot of others can’t.”
See page 27

July/August 2011

LATINFINANCE 1

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Latin Finance - July/August 2011

Table of Contents for the Digital Edition of Latin Finance - July/August 2011

Latin Finance - July/august 2011
Contents
Debt Fund Manager Survey
Equity Fund Manager Survey
LATAM Tech Investing
Central Bank Policy
Centam Energy
Mexican Airlines
Mexican Renewables
Peru Agriculture
Corporate Sustainability
European Private Equity
Parting Shot
Latin Finance - July/August 2011 - Latin Finance - July/august 2011
Latin Finance - July/August 2011 - Cover2
Latin Finance - July/August 2011 - Contents
Latin Finance - July/August 2011 - 2
Latin Finance - July/August 2011 - 3
Latin Finance - July/August 2011 - 4
Latin Finance - July/August 2011 - 5
Latin Finance - July/August 2011 - 6
Latin Finance - July/August 2011 - 7
Latin Finance - July/August 2011 - 8
Latin Finance - July/August 2011 - 9
Latin Finance - July/August 2011 - Debt Fund Manager Survey
Latin Finance - July/August 2011 - 11
Latin Finance - July/August 2011 - 12
Latin Finance - July/August 2011 - 13
Latin Finance - July/August 2011 - 14
Latin Finance - July/August 2011 - 15
Latin Finance - July/August 2011 - 16
Latin Finance - July/August 2011 - Equity Fund Manager Survey
Latin Finance - July/August 2011 - 18
Latin Finance - July/August 2011 - 19
Latin Finance - July/August 2011 - 20
Latin Finance - July/August 2011 - LATAM Tech Investing
Latin Finance - July/August 2011 - 22
Latin Finance - July/August 2011 - 23
Latin Finance - July/August 2011 - 24
Latin Finance - July/August 2011 - 25
Latin Finance - July/August 2011 - Central Bank Policy
Latin Finance - July/August 2011 - 27
Latin Finance - July/August 2011 - Centam Energy
Latin Finance - July/August 2011 - 29
Latin Finance - July/August 2011 - 30
Latin Finance - July/August 2011 - 31
Latin Finance - July/August 2011 - Mexican Airlines
Latin Finance - July/August 2011 - 33
Latin Finance - July/August 2011 - 34
Latin Finance - July/August 2011 - 35
Latin Finance - July/August 2011 - Mexican Renewables
Latin Finance - July/August 2011 - 37
Latin Finance - July/August 2011 - 38
Latin Finance - July/August 2011 - Peru Agriculture
Latin Finance - July/August 2011 - 40
Latin Finance - July/August 2011 - Corporate Sustainability
Latin Finance - July/August 2011 - 42
Latin Finance - July/August 2011 - 43
Latin Finance - July/August 2011 - European Private Equity
Latin Finance - July/August 2011 - 45
Latin Finance - July/August 2011 - 46
Latin Finance - July/August 2011 - 47
Latin Finance - July/August 2011 - Parting Shot
Latin Finance - July/August 2011 - Cover3
Latin Finance - July/August 2011 - Cover4
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