Latin Finance - March/April 2010 - 43

Brazil Investor Report Battle of Bureaucrats Brazilian elections will likely feature two competent, slightly dull bureaucrats. However, behind workaday exteriors lie tough personalities with ruthless political instincts. by John Rumsey nvestors tend to see Brazil’s elections – the first round of which are slated for October 3 – as o ering continuity not change. Both likely candidates are from the center left and have many policy similarities. However, elections will not be a nonevent, says Rafael Cortez, political scientist at São Paulo-based consultancy Tendências. They are likely to be closely fought and the outcome is unpredictable, he notes. Dilma Rousse , frontrunner for the Workers’ Party (PT), has earned a reputation for toughness reducing grown men – including the boss of Petrobras José Sergio Gabrielli – to tears, according to local media. José Serra, likely candidate for the centrist Brazilian Social Democracy Party (PSDB) party, is known as the kind of tough negotiator who gets what he wants. There are many policy and character similarities between the two, says Mauro Cunha, head of equity at Mauá Investimentos, which has $400 million in assets under management. Both understand the need for macro stability and want a big role for the state, he adds. That is likely to mean institutions such as the BNDES national development bank will remain key, and the ministry of planning will be strengthened, says Cortez. Lula’s policy of developing Brazilian corporate “champions” to compete in the global marketplace will be pursued by both candidates, albeit with more active promotion by Rousse , he adds. A strong state means privatization of Eletrobras and Petrobras are o the table too, adds David Fleischer, professor of political science at the university of Brasilia. I Also in this section EQUITY MARKET OPPORTUNITIES STRUCTURED FINANCE INFRASTRUCTURE page 48 page 53 page 54 UPDATE > For daily news on Brazilian corporate and sovereign finance, see www.latinfinance.com March/April 2010 LATINFINANCE 43

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Latin Finance - March/April 2010

Table of Contents for the Digital Edition of Latin Finance - March/April 2010

Latin Finance - March/April 2010
Contents
Political Risk
Man of the Year
Santander Brazil CFO
Vale Fertilizer Strategy
Finance Minister Scorecards
Privatizing Codelco
Samurai Bonds
Peruvian Rail Investment
Brazil Investor Report
Parting Shot
Latin Finance - March/April 2010 - Latin Finance - March/April 2010
Latin Finance - March/April 2010 - Cover2
Latin Finance - March/April 2010 - Contents
Latin Finance - March/April 2010 - 2
Latin Finance - March/April 2010 - 3
Latin Finance - March/April 2010 - 4
Latin Finance - March/April 2010 - 5
Latin Finance - March/April 2010 - 6
Latin Finance - March/April 2010 - 7
Latin Finance - March/April 2010 - 8
Latin Finance - March/April 2010 - 9
Latin Finance - March/April 2010 - 10
Latin Finance - March/April 2010 - 11
Latin Finance - March/April 2010 - 12
Latin Finance - March/April 2010 - 13
Latin Finance - March/April 2010 - 14
Latin Finance - March/April 2010 - 15
Latin Finance - March/April 2010 - Political Risk
Latin Finance - March/April 2010 - 17
Latin Finance - March/April 2010 - 18
Latin Finance - March/April 2010 - 19
Latin Finance - March/April 2010 - 20
Latin Finance - March/April 2010 - 21
Latin Finance - March/April 2010 - Man of the Year
Latin Finance - March/April 2010 - 23
Latin Finance - March/April 2010 - 24
Latin Finance - March/April 2010 - 25
Latin Finance - March/April 2010 - Santander Brazil CFO
Latin Finance - March/April 2010 - 27
Latin Finance - March/April 2010 - Vale Fertilizer Strategy
Latin Finance - March/April 2010 - 29
Latin Finance - March/April 2010 - Finance Minister Scorecards
Latin Finance - March/April 2010 - 31
Latin Finance - March/April 2010 - 32
Latin Finance - March/April 2010 - 33
Latin Finance - March/April 2010 - Privatizing Codelco
Latin Finance - March/April 2010 - Samurai Bonds
Latin Finance - March/April 2010 - 36
Latin Finance - March/April 2010 - 37
Latin Finance - March/April 2010 - 38
Latin Finance - March/April 2010 - 39
Latin Finance - March/April 2010 - Peruvian Rail Investment
Latin Finance - March/April 2010 - 41
Latin Finance - March/April 2010 - 42
Latin Finance - March/April 2010 - Brazil Investor Report
Latin Finance - March/April 2010 - 44
Latin Finance - March/April 2010 - 45
Latin Finance - March/April 2010 - 46
Latin Finance - March/April 2010 - 47
Latin Finance - March/April 2010 - 48
Latin Finance - March/April 2010 - 49
Latin Finance - March/April 2010 - 50
Latin Finance - March/April 2010 - 51
Latin Finance - March/April 2010 - 52
Latin Finance - March/April 2010 - 53
Latin Finance - March/April 2010 - 54
Latin Finance - March/April 2010 - 55
Latin Finance - March/April 2010 - 56
Latin Finance - March/April 2010 - 57
Latin Finance - March/April 2010 - 58
Latin Finance - March/April 2010 - 59
Latin Finance - March/April 2010 - 60
Latin Finance - March/April 2010 - 61
Latin Finance - March/April 2010 - 62
Latin Finance - March/April 2010 - 63
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Latin Finance - March/April 2010 - 65
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Latin Finance - March/April 2010 - 67
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Latin Finance - March/April 2010 - 69
Latin Finance - March/April 2010 - 70
Latin Finance - March/April 2010 - 71
Latin Finance - March/April 2010 - 72
Latin Finance - March/April 2010 - 73
Latin Finance - March/April 2010 - 74
Latin Finance - March/April 2010 - 75
Latin Finance - March/April 2010 - 76
Latin Finance - March/April 2010 - 77
Latin Finance - March/April 2010 - 78
Latin Finance - March/April 2010 - Parting Shot
Latin Finance - March/April 2010 - 80
Latin Finance - March/April 2010 - Cover3
Latin Finance - March/April 2010 - Cover4
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