reprints reprints reprints reprints reprints reprints reprints SHOW YOUR CLIENTS HOW YOU DO BUSINESS LatinFinance Reprints not only reproduce the articles you are interested in but can also add your corporate logo, additional pages of advertising and other information upon request. Paraguay COVER STORY An agenda for reform Repairing the case for local DEBT President Horacio Cartes and his government's ambitions After the market tore itself apart during the summer's sell-off, investors are rushing back to local currency emerging market debt. But this time, the bet is no longer one way. By Katie Llanos-Small and Taimur Ahmad M exico's state-owned oil company Pemex marked a turning point for Latin borrowers in September when it succeeded in selling a pesodenominated global depository note. It was the first such local currency instrument sold since the bond market re-priced spectacularly in May and June, on expectations of tighter global liquidity. "We were able to issue this local bond, even though the market was in a very complicated situation," says Rodolfo Campos, Pemex's treasurer. The oil giant raised 10.4 billion Mexican pesos ($818 million) by selling the GDN. Investors bought the bonds, but it was tougher than the banks running the deal had expected. The bond was priced to yield 7.19%, as much as 40 basis points cheaper than early indications. November/December 2013 - L ATINFINA NCE.COM 13 12 L ATINFINA NCE.COM - November/December 2013 July/August 2014 ISSU E NO. 238 SPECIAL MAY/ JUN E 201 4 ISSUE EDITION NO. 232 ParaguayCover.indd 43 JULY/ AUG UST 7/8/14 9:12 AM ISSU E NO. 237 201 4 lder harehoation S Reform The The en d o the consfum er boom A Quarter Century in the Capital Markets ds deman l their ors nai change e t invest Activis for corporat Featuring: ROGER AGNELLI * DAVID BOJANINI * EMILIO BOTÍN * COMPTON BOURNE * NICHOLAS BRADY LEE BUCCHEIT * GUILLERMO CALVO * HENRIQUE CAPRILES * FERNANDO HENRIQUE CARDOSO AGUSTÍN CARSTENS * JOYCE CHANG * MOHAMED EL ERIAN * JORGE ERRÁZURIZ * ARMINIO FRAGA RICHARD FRANK * ENRIQUE GARCÍA * CARLOS GARCÍA MORENO *HARI HARIHARAN * HANS HUMES ENRIQUE IGLESIAS * RUTH KRIVOY * RICARDO LAGOS * WILL LANDERS * CLAUDIO M. LOSER HENRIQUE MEIRELLES * MARK MOBIUS * LUIS ALBERTO MORENO * GUILLERMO ORTIZ ENRIQUE PEÑA NIETO * MARTÍN REDRADO * WILLIAM RHODES * NOURIEL ROUBINI MARTIN SCHUBERT * ROBERTO SETÚBAL * ÁLVARO URIBE BANK ENDA IFICATION RM AG RS S REFO 'S DIVE OUT IT & TOBAGO 2014 LAYS D S ADE GUAY TRINIDA AL MARKET A DOWNGR L: PARA UND * NG PIT SPECIA RKET REBO IN THE CA AVOIDI MA ENT ON ATES 'S BOND ST CORP OR NEW PRESID ICA BE AMER al RICA'S LATIN /freetri COSTA .com IVE: inance w.latinf EXCLUS DRIVE ww LF_25COVER_FINAL.indd 1 www.la www.latinfinance.com/freetrial May-Jun 2014_R 9:45 AM 7/8/14 CAPIT SPECIAL AL GA INS * AP : GUIDE TO INSTIT EXCLUS PETITE FO UT IVE: JIM R SECURIT IONAL WE ALTH IZATIO O'NEIL N L ON LIFE AF * FUND MA NAGE TER BR RS RA ICS NKED EGULAR _FINAL.i tinfina nce.com /freetri al ndd 1 8/23/13 12:16 PM 5/5/14 dd 1 3:53 PM _Final.in EGULAR 2014_R Jul_Aug To find out more about LatinFinance Reprints please contact: Patricia Arcic Telephone: +1 305 428 6290 * www.latinfinance.com * E-mail: parcic@latinfinance.comhttp://www.latinfinance.com http://www.LATINFINANCE.COM http://www.LATINFINANCE.COM http://www.latinfinance.com/freetrial http://www.latinfinance.com/freetrial http://www.latinfinance.com/freetrial http://www.latinfinance.com