LatinFinance - March/April 2013 - 7

The ocean gets warmer. The Peruvian
anchovy harvest suffers. It raises the
price of ﬁshmeal, cattle feed, and beef.

We turn global insights like these
into powerful investment strategies
for a university endowment. The endowment
funds the work of a brilliant marine biologist.
She studies the Peruvian anchovy.
Proving small ﬁsh can lead to big insights.
Invested in the world.

bnymellon.com
These illustrations do not depict actual clients or investment results. The value of investments and the income from them is not
guaranteed and can fall as well as rise due to stock market and currency movements. When the investment is sold the amount
received could be less than that originally invested. Past performance of any investment is not indicative nor a guarantee of future
results. If distributed in EMEA, this advertisement is a ﬁnancial promotion for Professional Clients only. This is not investment
advice. BNY Mellon is the corporate brand of The Bank of New York Mellon Corporation and may also be used as a generic term
to reference the Corporation as a whole or its various subsidiaries. Products and services may be provided under various brand
names and in various countries by the subsidiaries, afﬁliates and joint ventures of The Bank of New York Mellon Corporation where
authorized and regulated as required within each jurisdiction. Not all products and services are offered in all locations. This material
is not intended, and should not be construed, to be an offer or solicitation of services or products or an endorsement thereof in any
jurisdiction or in any circumstance that is contrary to local law or regulation. Issued by The Bank of New York Mellon Corporation with
respect to services other than investment management. Issued in EMEA, with respect to investment management, by BNY Mellon
Asset Management International Limited, BNY Mellon Centre, 160 Queen Victoria Street, London EC4V 4LA. Registered in England
No. 1118580. Authorized and regulated by the Financial Services Authority. BNY Mellon Asset Management International Limited is
ultimately owned by The Bank of New York Mellon Corporation. ©2013 The Bank of New York Mellon Corporation. All rights reserved.

http://www.bnymellon.com http://www.bnymellon.com

LatinFinance - March/April 2013

Table of Contents for the Digital Edition of LatinFinance - March/April 2013

Latin Finance - March/April 2013
Contents
A moment in time
Cry of battle
Top of the crop
Comeback club
Dollar pain
Africa: Commodities in common
China: Funding the frenzy
Russia: Beyond energy
Highs and lows
Back-up plans
Infrastructure: Upping the ante
Real estate funds: Reaching overseas
Brazil Stars Index: Managing best
Sub-sovereign debt: Short-term troubles
Banking: Basel high ground
Real estate funds: Fibra advance
Infrastructure: Counting the cost
Casualties of war
LatinFinance - March/April 2013 - Latin Finance - March/April 2013
LatinFinance - March/April 2013 - Cover2
LatinFinance - March/April 2013 - Contents
LatinFinance - March/April 2013 - 2
LatinFinance - March/April 2013 - 3
LatinFinance - March/April 2013 - 4
LatinFinance - March/April 2013 - 5
LatinFinance - March/April 2013 - 6
LatinFinance - March/April 2013 - 7
LatinFinance - March/April 2013 - 8
LatinFinance - March/April 2013 - 9
LatinFinance - March/April 2013 - 10
LatinFinance - March/April 2013 - 11
LatinFinance - March/April 2013 - A moment in time
LatinFinance - March/April 2013 - 13
LatinFinance - March/April 2013 - 14
LatinFinance - March/April 2013 - 15
LatinFinance - March/April 2013 - 16
LatinFinance - March/April 2013 - 17
LatinFinance - March/April 2013 - 18
LatinFinance - March/April 2013 - 19
LatinFinance - March/April 2013 - Cry of battle
LatinFinance - March/April 2013 - 21
LatinFinance - March/April 2013 - Top of the crop
LatinFinance - March/April 2013 - 23
LatinFinance - March/April 2013 - 24
LatinFinance - March/April 2013 - 25
LatinFinance - March/April 2013 - 26
LatinFinance - March/April 2013 - Comeback club
LatinFinance - March/April 2013 - 28
LatinFinance - March/April 2013 - 29
LatinFinance - March/April 2013 - Dollar pain
LatinFinance - March/April 2013 - 31
LatinFinance - March/April 2013 - Africa: Commodities in common
LatinFinance - March/April 2013 - 33
LatinFinance - March/April 2013 - China: Funding the frenzy
LatinFinance - March/April 2013 - 35
LatinFinance - March/April 2013 - Russia: Beyond energy
LatinFinance - March/April 2013 - Highs and lows
LatinFinance - March/April 2013 - 38
LatinFinance - March/April 2013 - 39
LatinFinance - March/April 2013 - Back-up plans
LatinFinance - March/April 2013 - 41
LatinFinance - March/April 2013 - 42
LatinFinance - March/April 2013 - Infrastructure: Upping the ante
LatinFinance - March/April 2013 - 44
LatinFinance - March/April 2013 - 45
LatinFinance - March/April 2013 - Real estate funds: Reaching overseas
LatinFinance - March/April 2013 - 47
LatinFinance - March/April 2013 - 48
LatinFinance - March/April 2013 - 49
LatinFinance - March/April 2013 - Brazil Stars Index: Managing best
LatinFinance - March/April 2013 - Sub-sovereign debt: Short-term troubles
LatinFinance - March/April 2013 - 52
LatinFinance - March/April 2013 - 53
LatinFinance - March/April 2013 - 54
LatinFinance - March/April 2013 - Banking: Basel high ground
LatinFinance - March/April 2013 - 56
LatinFinance - March/April 2013 - Real estate funds: Fibra advance
LatinFinance - March/April 2013 - 58
LatinFinance - March/April 2013 - Infrastructure: Counting the cost
LatinFinance - March/April 2013 - 60
LatinFinance - March/April 2013 - 61
LatinFinance - March/April 2013 - 62
LatinFinance - March/April 2013 - 63
LatinFinance - March/April 2013 - Casualties of war
LatinFinance - March/April 2013 - Cover3
LatinFinance - March/April 2013 - 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