Latin Finance - March 2008 - 1

Contents March 2008 MAN OF THE YEAR 14 Alan García’s first term was an absolute disaster for Peru. But after legitimately winning a second chance, the president sits atop the hottest market in the region. PERU DOMESTIC MARKETS 18 Peru is capitalizing on robust economic expansion to revamp local markets. Finance Minister Luis Carranza Ugarte explains what lies ahead. GENERAL ATLANTIC INTERVIEW 20 General Atlantic expects to spend more in LatAm after triumphing with debut direct investments in 2007. INVESTMENT BANK COMPENSATION 14 Man of the Year Vale Bids for Xstrata 24 21 Bonuses on Wall Street failed to reflect the strong performance that nearly all LatAm groups delivered last year. Discontent is rising, but new hiring will be done selectively. VALE BIDS FOR XSTRATA 24 LatAm’s biggest ever takeover attempt is fraught with challenges, not least for the loans market. BRAZIL SPECIAL REPORT 26 Ascension to high grade is thwarted by fiscal issues, poor growth, inflation and rates. 28 Infrastructure Finance Major auctions are scheduled. Gas The biggest investments and returns are Outlook Brazilian M&A bankers are unflappably Equity Optimism will be severely tested. 28 Brazil Special Report Mexico Special Report 43 33 Oil & years away. 36 M&A optimistic. 40 Private MEXICO SPECIAL REPORT 43 Domestic institutional money props up the local market, but foreign flight is a risk. 46 Airports A banner year lies ahead for airport groups. 49 Structured the slack. 52 Private LatinFinance® (USPS 004-662), (ISSN 1048-535X) is published monthly except bimonthly December/January and July/August by Latin American Financial Publications, Inc., 2600 Douglas Road., Suite 410, Coral Gables, FL 33134 USA. Periodicals postage paid at Miami, FL and at additional mailing offices. POSTMASTER: SEND ADDRESS CHANGES TO: LATINFINANCE, 2600 DOUGLAS ROAD, SUITE 410, CORAL GABLES, FLORIDA 33134 USA Copyright© 2007 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. Finance Vibrant RMBS may pick up 49 Structured Finance Argentine Mining 56 Equity Dealmakers are dogged by culture. ARGENTINE MINING 56 A tax on exports may marginally improve the fiscal surplus, but it also repels vital foreign investment. Who said that? “Some might say that I was left wing and now I lean to the right. I say, neither left nor right, but forward.” See page 16 LatinFinance Round Tables are underwritten by sponsors, although the magazine’s editors retain control over the content of these articles to ensure their objectivity and independence. March 2008 LATINFINANCE 1

Latin Finance - March 2008

Table of Contents for the Digital Edition of Latin Finance - March 2008

Latin Finance - March 2008
Contents
Man of the Year
Peru Domestic Markets
General Atlantic Interview
Investment Bank Compensation
Vale Bids for Xstrata
Brazil Special Report
Infrastructure Finance
Oil & Gas
M&A Outlook
Private Equity
Mexico Special Report
Airports
Structured Finance
Argentine Mining
Latin Finance - March 2008 - Latin Finance - March 2008
Latin Finance - March 2008 - Cover2
Latin Finance - March 2008 - Contents
Latin Finance - March 2008 - 2
Latin Finance - March 2008 - 3
Latin Finance - March 2008 - 4
Latin Finance - March 2008 - 5
Latin Finance - March 2008 - 6
Latin Finance - March 2008 - 7
Latin Finance - March 2008 - 8
Latin Finance - March 2008 - 9
Latin Finance - March 2008 - 10
Latin Finance - March 2008 - 11
Latin Finance - March 2008 - 12
Latin Finance - March 2008 - 13
Latin Finance - March 2008 - Man of the Year
Latin Finance - March 2008 - 15
Latin Finance - March 2008 - 16
Latin Finance - March 2008 - 17
Latin Finance - March 2008 - Peru Domestic Markets
Latin Finance - March 2008 - 19
Latin Finance - March 2008 - General Atlantic Interview
Latin Finance - March 2008 - Investment Bank Compensation
Latin Finance - March 2008 - 22
Latin Finance - March 2008 - 23
Latin Finance - March 2008 - Vale Bids for Xstrata
Latin Finance - March 2008 - 25
Latin Finance - March 2008 - Brazil Special Report
Latin Finance - March 2008 - 27
Latin Finance - March 2008 - Infrastructure Finance
Latin Finance - March 2008 - 29
Latin Finance - March 2008 - 30
Latin Finance - March 2008 - 31
Latin Finance - March 2008 - 32
Latin Finance - March 2008 - Oil & Gas
Latin Finance - March 2008 - 34
Latin Finance - March 2008 - 35
Latin Finance - March 2008 - M&A Outlook
Latin Finance - March 2008 - 37
Latin Finance - March 2008 - 38
Latin Finance - March 2008 - 39
Latin Finance - March 2008 - Private Equity
Latin Finance - March 2008 - 41
Latin Finance - March 2008 - 42
Latin Finance - March 2008 - Mexico Special Report
Latin Finance - March 2008 - 44
Latin Finance - March 2008 - 45
Latin Finance - March 2008 - Airports
Latin Finance - March 2008 - 47
Latin Finance - March 2008 - 48
Latin Finance - March 2008 - Structured Finance
Latin Finance - March 2008 - 50
Latin Finance - March 2008 - 51
Latin Finance - March 2008 - 52
Latin Finance - March 2008 - 53
Latin Finance - March 2008 - 54
Latin Finance - March 2008 - 55
Latin Finance - March 2008 - Argentine Mining
Latin Finance - March 2008 - 57
Latin Finance - March 2008 - 58
Latin Finance - March 2008 - 59
Latin Finance - March 2008 - 60
Latin Finance - March 2008 - 61
Latin Finance - March 2008 - 62
Latin Finance - March 2008 - 63
Latin Finance - March 2008 - 64
Latin Finance - March 2008 - Cover3
Latin Finance - March 2008 - Cover4
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