LatinFinance - September/October 2015 - 2

INVESTOR REPORTS

Peru

21/ After the
supercycle

Candidates line up for
elections, while infrastructure
finance comes into focus
Brazil

69/ Testing times

As the economy struggles, the
need for private infrastructure
investment grows
Mexico

82/ Revolution road
46/ Hiroshi Watanabe, JBIC

As reality sets in after booming
reform expectations, CFE
prepares a series of tenders

42/ Nick Rischbieth, Cabei

Colombia

92/ Quick dip

Five decades of Latin America's

As GDP figures are revised
downwards, the private equity
industry looks ahead
Corporate and Sovereign* Debt Issuance

Foreign Direct
Investment

Source: Dealogic

Corporate

Sovereign*

$110.8bn

IMF Ratings
Source: Moody's, Standard & Poor's, and
Fitch. Data refers to long term foreign
currency rating for each sovereign.

2013

$89.9bn

2008

2012

$73.4bn

2007

2005
2004

2010

$48.1bn

Baa2/BBB/BBB

BBBFirst rating &
First IG rating, S&P

BBBFirst IG rating, Fitch

2002

B2

2001

First rating, Moody's

$15.2bn

Baa3
First IG rating, Moody's

Current

1998
1997

Ba2

Mexico

First rating, Moody's

1996
1995

Current

1994
1993
1992

BBB
First rating &
First IG rating, S&P

Chile

Aa3/AA-/A+
Current

External Debt
Interest Rates

First rating, Moody's
Current

1990

Ba1

Brazil

First rating, Moody's

Baa2/BBB-/BBB
Current

1988

8

%

$10bn

13.8%

$18.9bn

2.3%
2013

Regional GDP grew particularly strongly in the first decade of this
century, spurred on by commodities tailwinds, but the pace is now
slowing. The IMF forecasts 0.9% regional expansion this year, down
from 1.3% in 2014, but says that could pick up, to 2%, next year.

53/ Brian Porter, Scotiabank

$773bn

2002

$30.2bn
$22.2bn

1999

$3.4bn

$24bn
$31.3bn

1996
1995

110/ Transparency
rules

Trade

$18.7bn

1998

Exports to China
1990: $381m
2014: $40.6bn

Exports to U.S.
1990: $7.7bn
2014: $27.1bn

Chile

Trade

Exports to China
1990: $34m
2014: $18.8bn

Exports to
1990: $1.4
2014: $9.3

Colombia

$11.8bn

*Includes auctioned debt

$6trn

$6.3trn

$4.6trn

Infographic: LatAm's global integration

LatinFinance's annual
evaluation of monetary policy
Net inflows of FDI into Latin America
leadership
Source: IMF, World Bank

Direct equity investment flows into Latin America, which
includes equity capital, reinvestment of earnings and other
capital, have rocketed from small beginnings.

$2.3trn

$134.2bn
1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

$615m

SPECIAL SUPPLEMENT
$2.7bn

$13.1bn

$29.2bn

1970 1971 1972 1973 1974 1975 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996

55/ Latin AmericaChina Investment
Guide

SEPTEMBER/
OCTOBER
2015
CONTENTS

2 L ATINFINA NCE.COM - September/October 2015

United St
2001: $1,8
2012: $2,9

United States
2001: $806.2m
2014: $2,213.1m

Asia & Middle East
2001: $4.4m
2014: $110m

$23.2bn

2000

Asia & Middle East
2001: $145.5m
2012: $2,326m

United States
2001: $3,902m
2012: $13,509.4m

Central
Bank Governor of the
Brazil
Year

$13bn

2001

1997

$12.7bn

1981
1973

1986

Source: World Bank

$4.7bn
$7.6bn

1987

GDP Growth

$20.4bn

Europe
2001: $2,130.2m
2012: $486.2m

Europe
2001: $1,042.6m
2014: $7,061.3m

$23.6bn
$20.1bn

2003

FDI

Recognizing a year of advances
for LatAm infrastructure
FDI

$15.7bn

$19.2bn
$5.9bn

100/ Building blocks

$11.3bn

2004

$11.5bn

Europe
2001: $9,790.2m
2012: $37,446.7m

Asia & Middle East
2001: $101.9m
2012: $2,638.8m

$10.2bn

2005

First IG rating, S&P

1989

FDI

$27.2bn

$19.6bn

Source: International Debt Statistics

BBB-

1991

Ba3

Argentina

Caa1/CCC-/RD

2006

$27.1bn

1999

A3/BBB+/BBB+

2007

$33.4bn

A3/BBB+/BBB+

2000

Current

2008

$37.4bn

Peru

Project & Infrastructure Finance

$72.5bn
$70.3bn

2009

2003
Colombia

Source: UNCTAD, Central Bank of Brazil, Chile's Foreign Investment
Committee, Mexican Secretariat of Economy, Proinversión Peru,
Central Bank of Colombia, IMF

$22bn
$17.3bn

2011

$72.1bn

2006

AWARDS & SURVEYS

$34bn

2014

$102.4bn

Global flows of investment into Latin America have risen
sharply over the past five decades. In 1970, just $615m of
net FDI came into the region, in current dollar terms. Aside
from notable dips in 2003 and 2009, the figure has since
risen steadily, hitting $178bn in 2014, according to IMF data.
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Table of Contents for the Digital Edition of LatinFinance - September/October 2015
