Latin Finance - September/October 2011 - 2

Contents

September/October 2011

EUROPEAN INVESTMENT SWISS FRANC MARKET

14 Faced by trouble at home, Iberian companies hold tightly to LatAm assets. 18 The Swiss-franc market’s growing appeal may extend to junk names as well.

CENTRAL BANK SCORE CARD INFRASTRUCTURE

20 Colombia’s central bank wins most praise, but Brazil continues to frustrate markets. 23 LatAm infrastructure spending lags EM peers. Can PPPs take up the slack?

14 European Investment

Central Bank Scorecard 20

INVESTMENT BANK FEES

25 Investment banks have seen a strong ﬁrst half but face an uncertain year ahead.

COMPENSATION SURVEY

29 Brazilian investment bankers see wage inﬂation abate.

BANKING TECHNOLOGY GUIDE BRAZIL INVESTOR REPORT
23 Infrastructure
Brazilian M&A 42

32 CRM grows in importance as banks broaden LatAm presence. 36 Cross-border clearing and settlement is becoming a reality. 39 Fears of a credit bubble in Brazil may be overblown. 42 BNDES’s national champion model comes under greater scrutiny. 48 Brazilian local bond volumes soar on rule 476 ﬁlings. 52 Reasons to buy global real bonds abound, but will investors show interest? 54 Analysts prepare for tougher times in Brazil 58 LatinFinance and M&E launch new sustainability index.

ANDEAN INVESTOR REPORT

62 Colombian bond and equity pipeline swells. 66 Peru’s pension managers scramble for investment options. 70 The possibility of regime change moves Venezuelan spreads.

MEXICO INVESTOR REPORT
70 Venezuela
Mexico 73

73 Can Mexico’s sovereign peso debt maintain safe-haven status? 78 Mexico’s automotive industry draws new investment. 81 Local markets prepare for covered bond legislation.

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.

“Venezuela represents the most upside of any emerging market in 2013.”
See page 70

2 LATINFINANCE

September/October 2011

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Latin Finance - September/October 2011

Table of Contents for the Digital Edition of Latin Finance - September/October 2011

Latin Finance - September/October 2011
Contents
Faced by trouble at home, Iberian companies hold tightly to LatAm assets
The Swiss-franc market’s growing appeal may extend to junk names as well
Colombia’s central bank wins most praise, but Brazil continues to frustrate markets
LatAm infrastructure spending lags EM peers. Can PPPs take up the slack?
Investment banks have seen a strong first half but face an uncertain year ahead
Brazilian investment bankers see wage inflation abate
CRM grows in importance as banks broaden LatAm presence
Cross-border clearing and settlement is becoming a reality
Fears of a credit bubble in Brazil may be overblown
BNDES’s national champion model comes under greater scrutiny
Brazilian local bond volumes soar on rule 476 filings
Reasons to buy global real bonds abound, but will investors show interest?
Analysts prepare for tougher times in Brazil
LatinFinance and M&E launch new sustainability index
Colombian bond and equity pipeline swells
Peru’s pension managers scramble for investment options
The possibility of regime change moves Venezuelan spreads
Can Mexico’s sovereign peso debt maintain safe-haven status?
Mexico’s automotive industry draws new investment
Local markets prepare for covered bond legislation
Latin Finance - September/October 2011 - Latin Finance - September/October 2011
Latin Finance - September/October 2011 - Cover2
Latin Finance - September/October 2011 - 1
Latin Finance - September/October 2011 - Contents
Latin Finance - September/October 2011 - 3
Latin Finance - September/October 2011 - 4
Latin Finance - September/October 2011 - 5
Latin Finance - September/October 2011 - 6
Latin Finance - September/October 2011 - 7
Latin Finance - September/October 2011 - 8
Latin Finance - September/October 2011 - 9
Latin Finance - September/October 2011 - 10
Latin Finance - September/October 2011 - 11
Latin Finance - September/October 2011 - 12
Latin Finance - September/October 2011 - 13
Latin Finance - September/October 2011 - Faced by trouble at home, Iberian companies hold tightly to LatAm assets
Latin Finance - September/October 2011 - 15
Latin Finance - September/October 2011 - 16
Latin Finance - September/October 2011 - 17
Latin Finance - September/October 2011 - The Swiss-franc market’s growing appeal may extend to junk names as well
Latin Finance - September/October 2011 - 19
Latin Finance - September/October 2011 - Colombia’s central bank wins most praise, but Brazil continues to frustrate markets
Latin Finance - September/October 2011 - 21
Latin Finance - September/October 2011 - 22
Latin Finance - September/October 2011 - LatAm infrastructure spending lags EM peers. Can PPPs take up the slack?
Latin Finance - September/October 2011 - 24
Latin Finance - September/October 2011 - Investment banks have seen a strong first half but face an uncertain year ahead
Latin Finance - September/October 2011 - 26
Latin Finance - September/October 2011 - 27
Latin Finance - September/October 2011 - 28
Latin Finance - September/October 2011 - Brazilian investment bankers see wage inflation abate
Latin Finance - September/October 2011 - 30
Latin Finance - September/October 2011 - 31
Latin Finance - September/October 2011 - CRM grows in importance as banks broaden LatAm presence
Latin Finance - September/October 2011 - 33
Latin Finance - September/October 2011 - 34
Latin Finance - September/October 2011 - 35
Latin Finance - September/October 2011 - Cross-border clearing and settlement is becoming a reality
Latin Finance - September/October 2011 - 37
Latin Finance - September/October 2011 - 38
Latin Finance - September/October 2011 - Fears of a credit bubble in Brazil may be overblown
Latin Finance - September/October 2011 - 40
Latin Finance - September/October 2011 - 41
Latin Finance - September/October 2011 - BNDES’s national champion model comes under greater scrutiny
Latin Finance - September/October 2011 - 43
Latin Finance - September/October 2011 - 44
Latin Finance - September/October 2011 - 45
Latin Finance - September/October 2011 - 46
Latin Finance - September/October 2011 - 47
Latin Finance - September/October 2011 - Brazilian local bond volumes soar on rule 476 filings
Latin Finance - September/October 2011 - 49
Latin Finance - September/October 2011 - 50
Latin Finance - September/October 2011 - 51
Latin Finance - September/October 2011 - Reasons to buy global real bonds abound, but will investors show interest?
Latin Finance - September/October 2011 - 53
Latin Finance - September/October 2011 - Analysts prepare for tougher times in Brazil
Latin Finance - September/October 2011 - 55
Latin Finance - September/October 2011 - 56
Latin Finance - September/October 2011 - 57
Latin Finance - September/October 2011 - LatinFinance and M&E launch new sustainability index
Latin Finance - September/October 2011 - 59
Latin Finance - September/October 2011 - 60
Latin Finance - September/October 2011 - 61
Latin Finance - September/October 2011 - Colombian bond and equity pipeline swells
Latin Finance - September/October 2011 - 63
Latin Finance - September/October 2011 - 64
Latin Finance - September/October 2011 - 65
Latin Finance - September/October 2011 - Peru’s pension managers scramble for investment options
Latin Finance - September/October 2011 - 67
Latin Finance - September/October 2011 - 68
Latin Finance - September/October 2011 - 69
Latin Finance - September/October 2011 - The possibility of regime change moves Venezuelan spreads
Latin Finance - September/October 2011 - 71
Latin Finance - September/October 2011 - 72
Latin Finance - September/October 2011 - Can Mexico’s sovereign peso debt maintain safe-haven status?
Latin Finance - September/October 2011 - 74
Latin Finance - September/October 2011 - 75
Latin Finance - September/October 2011 - 76
Latin Finance - September/October 2011 - 77
Latin Finance - September/October 2011 - Mexico’s automotive industry draws new investment
Latin Finance - September/October 2011 - 79
Latin Finance - September/October 2011 - 80
Latin Finance - September/October 2011 - Local markets prepare for covered bond legislation
Latin Finance - September/October 2011 - 82
Latin Finance - September/October 2011 - 83
Latin Finance - September/October 2011 - 84
Latin Finance - September/October 2011 - 85
Latin Finance - September/October 2011 - 86
Latin Finance - September/October 2011 - 87
Latin Finance - September/October 2011 - 88
Latin Finance - September/October 2011 - Cover3
Latin Finance - September/October 2011 - Cover4
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