Latin Finance - March/April 2011 - 2

Contents
March/April 2011

THE ARGENTINE COMEBACK

14 Spread compression and an acquisition boom would suggest Argentina is emerging from a decade-long slump. But little has changed fundamentally.

ARGENTINA COMMODITY INVESTMENT

24 As global demand for agricultural commodities rises, Argentine producers require signiﬁcant investment to fully realize the country’s potential.

MAN OF THE YEAR

28 One man is on a mission to create a LatAm-based investment banking and asset management powerhouse. André Esteves talks strategy.

CENTRAL AMERICA-CHINA
14 The Argentine Comeback
Man of the Year 28

31 The beneﬁts to Costa Rica of diplomatic ties with China may spur others in Central America to follow. Those recognizing Taiwan still enjoy Chinese energy investment.

FINANCE MINISTER SCORECARDS APAX PROFILE

37 Chile leads again when LatAm ﬁnance ministers are ranked for performance in the last 12 months. Brazil comes surprisingly low. 40 Apax Partners last year announced its ﬁrst deal in Brazil and is actively building a pipeline in LatAm. More European private equity ﬁrms are following its lead.

CHILE RETAIL SECTOR
31 Central America-China
Hong Kong 35

50 Chilean retailers have unveiled aggressive expansion plans for 2011. Stock performance is not expected to hit last year’s heady pace, but the outlook remains bright.

BRAZIL INVESTOR REPORT

55 Innovations in infrastructure ﬁnance 60 New rules for corporate debt buyers 66 Inside the creaking airport sector

MEXICO INVESTOR REPORT
73 Mortgage market needs facelift 76 Violence weighs on GDP

40 Apax Proﬁle

Mexico Investor Report 73

Who said that?
“We consume inﬁnite amounts of Chinese products, while they know very little about ours. We hope to begin to change that.”
See page 31

LatinFinance® (USPS 004-662), (ISSN 1048-535X) is published bimonthly by Latin American Financial Publications, Inc., 1101 Brickell Avenue, Suite N1200, Miami, Florida USA. Periodicals postage paid at Miami, FL and at additional mailing ofﬁces. POSTMASTER: SEND ADDRESS CHANGES TO: 1101 Brickell Avenue, Suite N1200, Miami, Florida USA Copyright© 2010 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.

2 LATINFINANCE

March/April 2011

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Latin Finance - March/April 2011

Table of Contents for the Digital Edition of Latin Finance - March/April 2011

Latin Finance - March/April 2011
Contents
The Argentine Comeback
Argentina Commodity Investment
Man of the Year
Central America-China
Finance Minister Scorecards
Apax Profile
Chile Retail Sector
Innovations in Infrastructure Finance
New Rules for Corporate Debt Buyers
Inside the Creaking Airport Sector
Mortgage Market Needs Facelift
Violence Weighs on GDP
Latin Finance - March/April 2011 - Latin Finance - March/April 2011
Latin Finance - March/April 2011 - Cover2
Latin Finance - March/April 2011 - 1
Latin Finance - March/April 2011 - Contents
Latin Finance - March/April 2011 - 3
Latin Finance - March/April 2011 - 4
Latin Finance - March/April 2011 - 5
Latin Finance - March/April 2011 - 6
Latin Finance - March/April 2011 - 7
Latin Finance - March/April 2011 - 8
Latin Finance - March/April 2011 - 9
Latin Finance - March/April 2011 - 10
Latin Finance - March/April 2011 - 11
Latin Finance - March/April 2011 - 12
Latin Finance - March/April 2011 - 13
Latin Finance - March/April 2011 - The Argentine Comeback
Latin Finance - March/April 2011 - 15
Latin Finance - March/April 2011 - 16
Latin Finance - March/April 2011 - 17
Latin Finance - March/April 2011 - 18
Latin Finance - March/April 2011 - 19
Latin Finance - March/April 2011 - 20
Latin Finance - March/April 2011 - 21
Latin Finance - March/April 2011 - 22
Latin Finance - March/April 2011 - 23
Latin Finance - March/April 2011 - Argentina Commodity Investment
Latin Finance - March/April 2011 - 25
Latin Finance - March/April 2011 - 26
Latin Finance - March/April 2011 - 27
Latin Finance - March/April 2011 - Man of the Year
Latin Finance - March/April 2011 - 29
Latin Finance - March/April 2011 - 30
Latin Finance - March/April 2011 - Central America-China
Latin Finance - March/April 2011 - 32
Latin Finance - March/April 2011 - 33
Latin Finance - March/April 2011 - 34
Latin Finance - March/April 2011 - 35
Latin Finance - March/April 2011 - 36
Latin Finance - March/April 2011 - Finance Minister Scorecards
Latin Finance - March/April 2011 - 38
Latin Finance - March/April 2011 - 39
Latin Finance - March/April 2011 - Apax Profile
Latin Finance - March/April 2011 - 41
Latin Finance - March/April 2011 - 42
Latin Finance - March/April 2011 - 43
Latin Finance - March/April 2011 - 44
Latin Finance - March/April 2011 - 45
Latin Finance - March/April 2011 - 46
Latin Finance - March/April 2011 - 47
Latin Finance - March/April 2011 - 48
Latin Finance - March/April 2011 - 49
Latin Finance - March/April 2011 - Chile Retail Sector
Latin Finance - March/April 2011 - 51
Latin Finance - March/April 2011 - 52
Latin Finance - March/April 2011 - 53
Latin Finance - March/April 2011 - 54
Latin Finance - March/April 2011 - Innovations in Infrastructure Finance
Latin Finance - March/April 2011 - 56
Latin Finance - March/April 2011 - 57
Latin Finance - March/April 2011 - 58
Latin Finance - March/April 2011 - 59
Latin Finance - March/April 2011 - New Rules for Corporate Debt Buyers
Latin Finance - March/April 2011 - 61
Latin Finance - March/April 2011 - 62
Latin Finance - March/April 2011 - 63
Latin Finance - March/April 2011 - 64
Latin Finance - March/April 2011 - 65
Latin Finance - March/April 2011 - Inside the Creaking Airport Sector
Latin Finance - March/April 2011 - 67
Latin Finance - March/April 2011 - 68
Latin Finance - March/April 2011 - 69
Latin Finance - March/April 2011 - 70
Latin Finance - March/April 2011 - 71
Latin Finance - March/April 2011 - 72
Latin Finance - March/April 2011 - Mortgage Market Needs Facelift
Latin Finance - March/April 2011 - 74
Latin Finance - March/April 2011 - 75
Latin Finance - March/April 2011 - Violence Weighs on GDP
Latin Finance - March/April 2011 - 77
Latin Finance - March/April 2011 - 78
Latin Finance - March/April 2011 - 79
Latin Finance - March/April 2011 - 80
Latin Finance - March/April 2011 - 81
Latin Finance - March/April 2011 - 82
Latin Finance - March/April 2011 - 83
Latin Finance - March/April 2011 - 84
Latin Finance - March/April 2011 - 85
Latin Finance - March/April 2011 - 86
Latin Finance - March/April 2011 - 87
Latin Finance - March/April 2011 - 88
Latin Finance - March/April 2011 - Cover3
Latin Finance - March/April 2011 - Cover4
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