LatinFinance - January/February 2013 - 64
Special Report
Infrastructure finance
Hope eternal
Latin governments are scrambling to plug the region’s infrastructure
gap as years of under-investment come back to bite
By John Rumsey
M
UPDATE
>
For more stories on infrastructure finance see
www.latinfinance.com
any were predicting a tough year for Latin infrastructure markets at the start of
2012. But in a year marked by swings in global capital markets, retrenchment
of investment banks, and corporate cash hoarding, the region’s industry fared
relatively well, especially from a demand standpoint.
Governments are keen to improve infrastructure and have helped shepherd deals
to market. Perhaps, more surprisingly, private oil and gas and mining deals continue to
provide a solid base. Financing has, however, proven tortuous (see Into the Void, page
68).
Bankers, rating agencies and investors see last year as a solid if not a vintage year
and are cautiously optimistic for this year. Project finance deal volumes and numbers
grew around 20% last year and are likely to increase by similar amounts this year, says
Mexico City-based Javier Martín Robles, managing director at Banco Santander, one of
the most active banks in the sector.
According to Dealogic data, there were 55 deals worth $30.2 billion in Latin project
financings last year.
Standard & Poor’s had its best year for ratings with 10 new transactions in the Latin
project finance space. Moreover, there was a widening of the base including deals from
Panama and Peru and sectors that ran the gamut from renewables to oil and gas, ports,
toll roads, and solar, says Arthur Simonson, head of Latin project finance at the S&P
New York office.
That stability continues a long-term trend – despite economic turmoil since 2007.
Isaac Deutsch, managing director and co-head of the Latin American department at
Sumitomo Mitsui Banking Corporation in New York, has trawled through Latin project
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LatinFinance - January/February 2013
Table of Contents for the Digital Edition of LatinFinance - January/February 2013
Latin Finance - January/February 2013
Contents
Remaking of a nation
Moving the market
Full court press
Andean push
Cleaning up
Best in class
Building up
Filling the void
‘Seize the opportunity’
LatinFinance - January/February 2013 - Latin Finance - January/February 2013
LatinFinance - January/February 2013 - Cover2
LatinFinance - January/February 2013 - 1
LatinFinance - January/February 2013 - Contents
LatinFinance - January/February 2013 - 3
LatinFinance - January/February 2013 - 4
LatinFinance - January/February 2013 - 5
LatinFinance - January/February 2013 - 6
LatinFinance - January/February 2013 - 7
LatinFinance - January/February 2013 - 8
LatinFinance - January/February 2013 - 9
LatinFinance - January/February 2013 - 10
LatinFinance - January/February 2013 - 11
LatinFinance - January/February 2013 - 12
LatinFinance - January/February 2013 - 13
LatinFinance - January/February 2013 - 14
LatinFinance - January/February 2013 - 15
LatinFinance - January/February 2013 - Remaking of a nation
LatinFinance - January/February 2013 - 17
LatinFinance - January/February 2013 - 18
LatinFinance - January/February 2013 - 19
LatinFinance - January/February 2013 - 20
LatinFinance - January/February 2013 - 21
LatinFinance - January/February 2013 - 22
LatinFinance - January/February 2013 - 23
LatinFinance - January/February 2013 - Moving the market
LatinFinance - January/February 2013 - 25
LatinFinance - January/February 2013 - Full court press
LatinFinance - January/February 2013 - 27
LatinFinance - January/February 2013 - 28
LatinFinance - January/February 2013 - Andean push
LatinFinance - January/February 2013 - 30
LatinFinance - January/February 2013 - 31
LatinFinance - January/February 2013 - Cleaning up
LatinFinance - January/February 2013 - 33
LatinFinance - January/February 2013 - 34
LatinFinance - January/February 2013 - 35
LatinFinance - January/February 2013 - Best in class
LatinFinance - January/February 2013 - 37
LatinFinance - January/February 2013 - 38
LatinFinance - January/February 2013 - 39
LatinFinance - January/February 2013 - 40
LatinFinance - January/February 2013 - 41
LatinFinance - January/February 2013 - 42
LatinFinance - January/February 2013 - 43
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LatinFinance - January/February 2013 - 47
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LatinFinance - January/February 2013 - 49
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LatinFinance - January/February 2013 - 60
LatinFinance - January/February 2013 - 61
LatinFinance - January/February 2013 - 62
LatinFinance - January/February 2013 - 63
LatinFinance - January/February 2013 - Building up
LatinFinance - January/February 2013 - 65
LatinFinance - January/February 2013 - 66
LatinFinance - January/February 2013 - 67
LatinFinance - January/February 2013 - Filling the void
LatinFinance - January/February 2013 - 69
LatinFinance - January/February 2013 - 70
LatinFinance - January/February 2013 - 71
LatinFinance - January/February 2013 - ‘Seize the opportunity’
LatinFinance - January/February 2013 - Cover3
LatinFinance - January/February 2013 - Cover4
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