When the US sneezes, Latin America catches a cold – or so the saying goes.
But you wouldn’t know that looking at the LatAm debt market. Bimbo, the the world’s largest breadmaker, became the latest to join the LatAm 2012 bond bonanza with a 10-year debt sale. Continue reading »
In a land in which labour laws are already highly complicated and the cost of hiring people is steep, the negative reaction from businesses, especially small ones, is understandable. Continue reading »
Who would want to run a business in Argentina? The country (officially considered a frontier economy now by equity markets) offers risk aplenty: rules that can change at the drop of a hat, like new import regulations announced last week and a serious problem with inflation.
Ruspetro, a Russian oil explorer, has raised $25om in a London initial public offering – the first London flotation for a Russian company in six months.
While some might herald the Ruspetro listing as a kick-off to the 2012 Russian IPO season, it would be naive to think that many other groups are rushing to follow in the oil explorer’s tracks. Continue reading »
It looks as though Zygmunt Solorz-Zak is going to pay a steep price for his audacious purchase of Polkomtel, one of Poland’s leading mobile providers, thanks to rising bond yields which make financing the $5.2bn transaction more expensive.
The eurozone crisis might have left south-eastern Europe in an economic doldrums since 2009 but that has not stopped one company from seeking its fortunes in the region.
Tobacco AD, a fast-growing Macedonian convenience store chain, is betting that even in these times of financial austerity, people will continue to drink, smoke and pay their utility bills.
The Skopje-based company, with 55 stores open already in the former Yugoslav republic, is planning to raise €2m via an initial public offering to fund its expansion around the western Balkans. Continue reading »
A string of tirades against his alleged attacks on democracy left the Hungarian prime minister unmoved. So did references to the alleged anti-Semitic past of an ally, and even unflattering comparisons with Fidel Castro and Hugo Chávez. This should be positive for the markets – if Orbán can keep calm in these circumstances, he ought to be able to do the same in the tough forthcoming talks on Hungary’s EU/IMF bailout. Continue reading »
Three pieces of data came out of South Africa on Wednesday, revealing an economy in worse shape, on balance, than analysts had forecast – but only just.
The latest manufacturing and retail figures fell short of consensus expectations – a further blow to Africa’s largest economy after Fitch revised its outlook to negative last week. But inflation in December was lower than anticipated, albeit still at its highest level since January 2010. And Absa Capital, at least, was cautiously optimistic about the country’s macroeconomic outlook for 2012. Continue reading »
Analysts and economists are so sure that Brazil’s central bank will cut its policy interest rate this evening that they will barely pay it any attention – unless, that is, the bank surprises with a cut of 25 basis point from the current 11 per cent a year, instead of the 50 bps cut widely predicted.
But they will be paying very close attention to the short statement that accompanies each decision, as well as the full minutes of Tuesday and Wednesday’s monetary policy committee meeting to be published on January 26. Continue reading »
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