LatinFinance - January/February 2014 - 1

POLINA KURDYAVKO, BLUEBAY ASSET MANAGEMENT

"THIS CASE WILL
ESTABLISH HOW
MUCH OF A PREMIUM
ONE SHOULD ASK
FOR INVESTING IN
EMERGING MARKET
CORPORATE DEBT"

INVESTOR REPORTS

26 / INFRASTRUCTURE FINANCE
Project finance

28/ Lending return
Bank loans are set to play a
bigger role in funding
infrastructure
Peru

32/ Slow lane

Despite multiple hurdles,
hope remains that the
infrastructure build-out can
accelerate
AWARDS & SURVEYS

Deals of the Year 2013

35/ Diving in

COVER STORY

Charged 17/ The big
up?
test
12/

Bankruptcy and turning markets will make
high-yield borrowing and
investing tougher

REGULAR COLUMNS
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.
©2014 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.

02/ Front Notes
04/ Loans &
people news
06/ Bonds news
08/ Equity news
10/ M&A news
56/ Parting Shot

Mexico's energy reform offers
big benefits for the industry,
says Pemex chief executive
Emilio Lozoya

The stand-out capital markets
trades of 2013 seized their
chances when conditions were
at a peak

OGX's default could set
a precedent for recovery rates in Brazilian
restructurings

FEATURES

Regional integration

22/ Heavyweight
enters

Mexico joins Mila this year, but
the challenges facing the integrated stock exchange remain
undiminished

ON THE COVER
PLUGGING IN: A big test is ahead
for high-yield bonds. Photographed by Fredrik Broden

JANUARY/
FEBRUARY
2014
CONTENTS

January/February 2014 - L ATINFINA NCE.COM 1


http://www.LATINFINANCE.COM

LatinFinance - January/February 2014

Table of Contents for the Digital Edition of LatinFinance - January/February 2014

Contents
LatinFinance - January/February 2014 - Cover1
LatinFinance - January/February 2014 - Cover2
LatinFinance - January/February 2014 - Contents
LatinFinance - January/February 2014 - 2
LatinFinance - January/February 2014 - 3
LatinFinance - January/February 2014 - 4
LatinFinance - January/February 2014 - 5
LatinFinance - January/February 2014 - 6
LatinFinance - January/February 2014 - 7
LatinFinance - January/February 2014 - 8
LatinFinance - January/February 2014 - 9
LatinFinance - January/February 2014 - 10
LatinFinance - January/February 2014 - 11
LatinFinance - January/February 2014 - 12
LatinFinance - January/February 2014 - 13
LatinFinance - January/February 2014 - 14
LatinFinance - January/February 2014 - 15
LatinFinance - January/February 2014 - 16
LatinFinance - January/February 2014 - 17
LatinFinance - January/February 2014 - 18
LatinFinance - January/February 2014 - 19
LatinFinance - January/February 2014 - 20
LatinFinance - January/February 2014 - 21
LatinFinance - January/February 2014 - 22
LatinFinance - January/February 2014 - 23
LatinFinance - January/February 2014 - 24
LatinFinance - January/February 2014 - 25
LatinFinance - January/February 2014 - 26
LatinFinance - January/February 2014 - 27
LatinFinance - January/February 2014 - 28
LatinFinance - January/February 2014 - 29
LatinFinance - January/February 2014 - 30
LatinFinance - January/February 2014 - 31
LatinFinance - January/February 2014 - 32
LatinFinance - January/February 2014 - 33
LatinFinance - January/February 2014 - 34
LatinFinance - January/February 2014 - 35
LatinFinance - January/February 2014 - 36
LatinFinance - January/February 2014 - 37
LatinFinance - January/February 2014 - 38
LatinFinance - January/February 2014 - 39
LatinFinance - January/February 2014 - 40
LatinFinance - January/February 2014 - 41
LatinFinance - January/February 2014 - 42
LatinFinance - January/February 2014 - 43
LatinFinance - January/February 2014 - 44
LatinFinance - January/February 2014 - 45
LatinFinance - January/February 2014 - 46
LatinFinance - January/February 2014 - 47
LatinFinance - January/February 2014 - 48
LatinFinance - January/February 2014 - 49
LatinFinance - January/February 2014 - 50
LatinFinance - January/February 2014 - 51
LatinFinance - January/February 2014 - 52
LatinFinance - January/February 2014 - 53
LatinFinance - January/February 2014 - 54
LatinFinance - January/February 2014 - 55
LatinFinance - January/February 2014 - 56
LatinFinance - January/February 2014 - Cover3
LatinFinance - January/February 2014 - Cover4
https://www.nxtbook.com/nxtbooks/latinfinance/0319QMR
https://www.nxtbook.com/nxtbooks/latinfinance/1218JYM
https://www.nxtbook.com/nxtbooks/latinfinance/paraguay_2018
https://www.nxtbook.com/nxtbooks/latinfinance/8320YTM
https://www.nxtbook.com/nxtbooks/latinfinance/8465TBM
https://www.nxtbook.com/nxtbooks/latinfinance/1476YBW
https://www.nxtbook.com/nxtbooks/latinfinance/7835THM
https://www.nxtbook.com/nxtbooks/latinfinance/8655TGL
https://www.nxtbook.com/nxtbooks/latinfinance/0614IJP
https://www.nxtbook.com/nxtbooks/latinfinance/ecuador_20170910
https://www.nxtbook.com/nxtbooks/latinfinance/2713KNP
https://www.nxtbook.com/nxtbooks/latinfinance/4982CFT
https://www.nxtbook.com/nxtbooks/latinfinance/7803HWE
https://www.nxtbook.com/nxtbooks/latinfinance/3829THA
https://www.nxtbook.com/nxtbooks/latinfinance/7891MDD
https://www.nxtbook.com/nxtbooks/latinfinance/7714JCR
https://www.nxtbook.com/nxtbooks/latinfinance/5619CMK
https://www.nxtbook.com/nxtbooks/latinfinance/6939ASL
https://www.nxtbook.com/nxtbooks/latinfinance/1364ASF
https://www.nxtbook.com/nxtbooks/latinfinance/0453DAS
https://www.nxtbook.com/nxtbooks/latinfinance/0453DAS_supp
https://www.nxtbook.com/nxtbooks/latinfinance/1304APV
https://www.nxtbook.com/nxtbooks/latinfinance/7234GSD
https://www.nxtbook.com/nxtbooks/latinfinance/1643XGS
https://www.nxtbook.com/nxtbooks/latinfinance/9511JKM_supp
https://www.nxtbook.com/nxtbooks/latinfinance/9511JKM
https://www.nxtbook.com/nxtbooks/latinfinance/8745TNV
https://www.nxtbook.com/nxtbooks/latinfinance/3629PBC
https://www.nxtbook.com/nxtbooks/latinfinance/7466TBC_HSBC
https://www.nxtbook.com/nxtbooks/latinfinance/7466TBC_supp
https://www.nxtbook.com/nxtbooks/latinfinance/7466TBC
https://www.nxtbook.com/nxtbooks/latinfinance/9463RVB
https://www.nxtbook.com/nxtbooks/latinfinance/7345GPY
https://www.nxtbook.com/nxtbooks/latinfinance/6398TVB
https://www.nxtbook.com/nxtbooks/latinfinance/4899EXM_supp
https://www.nxtbook.com/nxtbooks/latinfinance/4899EXM
https://www.nxtbook.com/nxtbooks/latinfinance/3885CWS
https://www.nxtbook.com/nxtbooks/latinfinance/45923GBC
https://www.nxtbook.com/nxtbooks/latinfinance/67449NBD
https://www.nxtbook.com/nxtbooks/latinfinance/46733NLP
https://www.nxtbook.com/nxtbooks/latinfinance/78456HCL
https://www.nxtbook.com/nxtbooks/latinfinance/89456RBM
https://www.nxtbook.com/nxtbooks/latinfinance/22278HBL
https://www.nxtbook.com/nxtbooks/latinfinance/2895YBM
https://www.nxtbook.com/nxtbooks/latinfinance/9033TBM
https://www.nxtbook.com/nxtbooks/latinfinance/8934TNP
https://www.nxtbook.com/nxtbooks/latinfinance/costarica20130304
https://www.nxtbook.com/nxtbooks/latinfinance/4672PNB
https://www.nxtbook.com/nxtbooks/latinfinance/9377BKL
https://www.nxtbook.com/nxtbooks/latinfinance/drmtest
https://www.nxtbook.com/nxtbooks/latinfinance/drmtest2
https://www.nxtbook.com/nxtbooks/latinfinance/5532LMC
https://www.nxtbook.com/nxtbooks/latinfinance/9044TBM
https://www.nxtbook.com/nxtbooks/latinfinance/4877RBC
https://www.nxtbook.com/nxtbooks/latinfinance/3008JHV
https://www.nxtbook.com/nxtbooks/latinfinance/3728YBC
https://www.nxtbook.com/nxtbooks/latinfinance/9337KLM
https://www.nxtbook.com/nxtbooks/latinfinance/5674GNJ
https://www.nxtbook.com/nxtbooks/latinfinance/8330KMC
https://www.nxtbook.com/nxtbooks/latinfinance/7663HCM
https://www.nxtbook.com/nxtbooks/latinfinance/2319ZMB
https://www.nxtbook.com/nxtbooks/latinfinance/7110MKL
https://www.nxtbook.com/nxtbooks/latinfinance/8599FHG
https://www.nxtbook.com/nxtbooks/latinfinance/4517HJK
https://www.nxtbook.com/nxtbooks/latinfinance/7813GHB
https://www.nxtbook.com/nxtbooks/latinfinance/1564FBM
https://www.nxtbook.com/nxtbooks/latinfinance/8884HGV
https://www.nxtbook.com/nxtbooks/latinfinance/7863SVB
https://www.nxtbook.com/nxtbooks/latinfinance/5233SFB
https://www.nxtbook.com/nxtbooks/latinfinance/5899SML
https://www.nxtbook.com/nxtbooks/latinfinance/4311PMN
https://www.nxtbook.com/nxtbooks/latinfinance/1366FBB
https://www.nxtbook.com/nxtbooks/latinfinance/9355AXC
https://www.nxtbook.com/nxtbooks/latinfinance/8559EBN
https://www.nxtbook.com/nxtbooks/latinfinance/8244QXC
https://www.nxtbook.com/nxtbooks/latinfinance/1779BBN
https://www.nxtbook.com/nxtbooks/latinfinance/7144XVB
https://www.nxtbook.com/nxtbooks/latinfinance/8971QGH
https://www.nxtbook.com/nxtbooks/latinfinance/200805
https://www.nxtbook.com/nxtbooks/latinfinance/200804
https://www.nxtbook.com/nxtbooks/latinfinance/200803
https://www.nxtbookmedia.com