LatinFinance - January/February 2015 - 1

ANDRÉ ESTEVES, CHAIRMAN AND CHIEF EXECUTIVE, BTG PACTUAL

"[IT'S] WHAT THE
MORGANS DID 100
YEARS AGO, THE
ROTHSCHILDS DID 200
YEARS AGO, AND THE
MEDICIS DID MORE
THAN 500 YEARS AGO"
COVER STORY

12/

Bag of tricks

REGULAR COLUMNS

02/ Front notes

Brazil's troubles drag on

04/ Loans & people
news

An IMF program brings hope
to Honduras, while regional
energy funding becomes
critical
Caribbean

35/ Progress made
Infrastructure financing is a
priority, but plummeting oil
prices raise fears of financial
instability
AWARDS & SURVEYS

Perception Study

42/ Legal Issues
Outlook

Compliance, tax and labor
burdens are priorities for
Brazilian firms

The deals and institutions
that excelled during a year of
transition

FEATURES

Debt capital markets

20/ Heading east

Japan's expansionary monetary policy offers opportunities
for LatAm borrowers

06/ Bonds news

LatAm investors

07/ Equity news

Retail and high net worth investors mix caution with yield
targets

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.

Not just small businesses - but
the right small businesses -
matter most in Latin America,
argues the IDB's Ernesto Stein

72/ Parting Shot

29/ Steady line

45/ Staying ahead

©2014 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.

10/ M&A news

Central America

Deals of the Year 2014

How BTG Pactual is
reshaping its business
model

LatinFinance® (USPS 004-662), (ISSN
1048-535X) is published bi-monthly 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 to return Mail to: PO
Box 4009 Chesterfield, MO 63006-4009,
USA.

INVESTOR REPORTS

26/ Close at hand

ON THE COVER
Old model: How long can BTG
Pactual act like a traditional
merchant bank?
Photographed by Fredrik
Broden

JANUARY/
FEBRUARY
2015
CONTENTS

January/February 2015 - L ATINFINA NCE.COM 1



http://www.LATINFINANCE.COM

LatinFinance - January/February 2015

Table of Contents for the Digital Edition of LatinFinance - January/February 2015

Contents
LatinFinance - January/February 2015 - Cover1
LatinFinance - January/February 2015 - Cover2
LatinFinance - January/February 2015 - Contents
LatinFinance - January/February 2015 - 2
LatinFinance - January/February 2015 - 3
LatinFinance - January/February 2015 - 4
LatinFinance - January/February 2015 - 5
LatinFinance - January/February 2015 - 6
LatinFinance - January/February 2015 - 7
LatinFinance - January/February 2015 - 8
LatinFinance - January/February 2015 - 9
LatinFinance - January/February 2015 - 10
LatinFinance - January/February 2015 - 11
LatinFinance - January/February 2015 - 12
LatinFinance - January/February 2015 - 13
LatinFinance - January/February 2015 - 14
LatinFinance - January/February 2015 - 15
LatinFinance - January/February 2015 - 16
LatinFinance - January/February 2015 - 17
LatinFinance - January/February 2015 - 18
LatinFinance - January/February 2015 - 19
LatinFinance - January/February 2015 - 20
LatinFinance - January/February 2015 - 21
LatinFinance - January/February 2015 - 22
LatinFinance - January/February 2015 - 23
LatinFinance - January/February 2015 - 24
LatinFinance - January/February 2015 - 25
LatinFinance - January/February 2015 - 26
LatinFinance - January/February 2015 - 27
LatinFinance - January/February 2015 - 28
LatinFinance - January/February 2015 - 29
LatinFinance - January/February 2015 - 30
LatinFinance - January/February 2015 - 31
LatinFinance - January/February 2015 - 32
LatinFinance - January/February 2015 - 33
LatinFinance - January/February 2015 - 34
LatinFinance - January/February 2015 - 35
LatinFinance - January/February 2015 - 36
LatinFinance - January/February 2015 - 37
LatinFinance - January/February 2015 - 38
LatinFinance - January/February 2015 - 39
LatinFinance - January/February 2015 - 40
LatinFinance - January/February 2015 - 41
LatinFinance - January/February 2015 - 42
LatinFinance - January/February 2015 - 43
LatinFinance - January/February 2015 - 44
LatinFinance - January/February 2015 - 45
LatinFinance - January/February 2015 - 46
LatinFinance - January/February 2015 - 47
LatinFinance - January/February 2015 - 48
LatinFinance - January/February 2015 - 49
LatinFinance - January/February 2015 - 50
LatinFinance - January/February 2015 - 51
LatinFinance - January/February 2015 - 52
LatinFinance - January/February 2015 - 53
LatinFinance - January/February 2015 - 54
LatinFinance - January/February 2015 - 55
LatinFinance - January/February 2015 - 56
LatinFinance - January/February 2015 - 57
LatinFinance - January/February 2015 - 58
LatinFinance - January/February 2015 - 59
LatinFinance - January/February 2015 - 60
LatinFinance - January/February 2015 - 61
LatinFinance - January/February 2015 - 62
LatinFinance - January/February 2015 - 63
LatinFinance - January/February 2015 - 64
LatinFinance - January/February 2015 - 65
LatinFinance - January/February 2015 - 66
LatinFinance - January/February 2015 - 67
LatinFinance - January/February 2015 - 68
LatinFinance - January/February 2015 - 69
LatinFinance - January/February 2015 - 70
LatinFinance - January/February 2015 - 71
LatinFinance - January/February 2015 - 72
LatinFinance - January/February 2015 - Cover3
LatinFinance - January/February 2015 - 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