Latin Finance - November/December 2011 - 1

Contents

November/December 2011

CONTAGION RISK

12 Latin America is well-prepared for a global downturn, but European debt troubles will bring some unexpected surprises.

MEXICAN CREDIT

22 Mexican credits have taken the brunt of the recent selloff. Does a drop in prices signal a buying opportunity, or is it time to exit?

CHINA INVESTMENT

26 Chinese companies are looking beyond resource-based investments and setting up shop on the ground to play a greater role in Latin American infrastructure and manufacturing.

LOAN MARKET
12 Global Contagion Risk
China Investment 26

30 European debt problems are forcing banks to retrench, leaving Latin America’s loan market bracing for tough pricing ahead.

MEXICO BANKS

34 Banorte-Ixe’s recent tie-up was the last of the large bank consolidations in Mexico, but mergers between smaller players may be another story.

SUB-SOVEREIGN DEBT

36 Underreported debt loads by Mexican state governments has alarm bells ringing. The federal government and banks are moving to contain the damage

BANKS OF THE YEAR 2011
34 Mexican Banks
Banks of the Year 2011 38

38 The comprehensive annual LatinFinance survey of retail and local investment banks includes 25 awards across 17 countries throughout Latin America and the Caribbean.

ARGENTINA INVESTOR REPORT

61 Argentine CFOs talk about their ﬁnancing plans and what lies ahead. Borrowers are unlikely to regain market access anytime soon.

2011

64 Once seen as an improving credit story, Argentina is being punished in the secondary markets as investors fret about the sustainability of growth policies.

38 Banks of the Year 2011

Argentina Investor Report 61

Who said that?
“There is a pretty good external backdrop for the most part. But if we move into a more hostile environment, LatAm will not decouple.”
See page 14

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: SEND ADDRESS CHANGES TO: 1101 Brickell Avenue, Suite N1200, Miami, Florida, 33131 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.

1 LATINFINANCE

November/December 2011

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Latin Finance - November/December 2011

Table of Contents for the Digital Edition of Latin Finance - November/December 2011

Latin Finance - November/December 2011
Contents
Contagion Risk
Mexican Credit
China Investment
Loan Markets
Mexico Banks
Sub-Sovereign Debt
Banks of the Year 2011
Argentina Investor Report
Reversal of Fortunes
Latin Finance - November/December 2011 - Latin Finance - November/December 2011
Latin Finance - November/December 2011 - Cover2
Latin Finance - November/December 2011 - Contents
Latin Finance - November/December 2011 - 2
Latin Finance - November/December 2011 - 3
Latin Finance - November/December 2011 - 4
Latin Finance - November/December 2011 - 5
Latin Finance - November/December 2011 - 6
Latin Finance - November/December 2011 - 7
Latin Finance - November/December 2011 - 8
Latin Finance - November/December 2011 - 9
Latin Finance - November/December 2011 - 10
Latin Finance - November/December 2011 - 11
Latin Finance - November/December 2011 - Contagion Risk
Latin Finance - November/December 2011 - 13
Latin Finance - November/December 2011 - 14
Latin Finance - November/December 2011 - 15
Latin Finance - November/December 2011 - 16
Latin Finance - November/December 2011 - 17
Latin Finance - November/December 2011 - 18
Latin Finance - November/December 2011 - 19
Latin Finance - November/December 2011 - 20
Latin Finance - November/December 2011 - 21
Latin Finance - November/December 2011 - Mexican Credit
Latin Finance - November/December 2011 - 23
Latin Finance - November/December 2011 - 24
Latin Finance - November/December 2011 - 25
Latin Finance - November/December 2011 - China Investment
Latin Finance - November/December 2011 - 27
Latin Finance - November/December 2011 - 28
Latin Finance - November/December 2011 - 29
Latin Finance - November/December 2011 - Loan Markets
Latin Finance - November/December 2011 - 31
Latin Finance - November/December 2011 - 32
Latin Finance - November/December 2011 - 33
Latin Finance - November/December 2011 - Mexico Banks
Latin Finance - November/December 2011 - 35
Latin Finance - November/December 2011 - Sub-Sovereign Debt
Latin Finance - November/December 2011 - 37
Latin Finance - November/December 2011 - Banks of the Year 2011
Latin Finance - November/December 2011 - 39
Latin Finance - November/December 2011 - 40
Latin Finance - November/December 2011 - 41
Latin Finance - November/December 2011 - 42
Latin Finance - November/December 2011 - 43
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Latin Finance - November/December 2011 - Argentina Investor Report
Latin Finance - November/December 2011 - 62
Latin Finance - November/December 2011 - 63
Latin Finance - November/December 2011 - Reversal of Fortunes
Latin Finance - November/December 2011 - Cover3
Latin Finance - November/December 2011 - Cover4
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