Brazil: 巴西基建项目的应知事项

基础建设投资是巴西新总统议程的首要任务。这为私人投资者提供了很多商机,如机场、铁路、高速公路和港口等建设。

该国在过去八年缺乏稳健的投资。如今,随着新政府上任、商业银行成为贷款人的竞争升级、以及巴西国家经济和社会发展银行(BNDES)扮演较轻微的贷款人角色,政府因而希望能吸引本地和国外投资。政府深知批准社会保障改革的重要性,因为这不仅可以降低国家的财政赤字,也可以间接令退休金计划能有更多可用资金投入资本市场和长期投资。

能源行业

能源业在巴西是个成熟稳定的行业,其现金流稳定,又相对容易获得贷款。巴西大部分的能源项目,尤其是再生能源,都从BNDES获得融资。我们预计,这些项目将持续由本地银行以本地货币提供融资。

机场与港口

目前,巴西绝大部分的基础建设商机与机场和港口有关。联邦政府非常关注这些项目,近期也成功拍卖了几个区域机场。对巴西而言,拍卖给不同的全球机场服务公司对改善该国的基础建设有很大的益处。市场正在增长,巴西对这些基础建设项目的前景持积极态度。

融资

巴西的项目融资料预料会出现变化。 BNDES一直以来都是巴西项目的主要融资来源,但该银行已表明不想再担任贷款人。该银行希望继续推广和促进投资,但并非以巴西唯一贷款人的身份。BNDES对巴西十分重要,为50%的能源业务扩展和70%的再省能源项目提供融资。在交通运输方面,几乎所有项目的融资都是由该银行包办。多年来,该银行为私营机构进入长期融资而创建了金融机制。BNDES的新角色对当地贷款环境带来广泛的影响,甚至可以协助项目从商业银行得到更快的融资。

基于这些变化,人们对新项目的最佳融资模式存有疑问。这些项目可以是100%由私人银行融资,也可以由国际基金和本地基金混合融资,一切取决于该项目的特点和赞助商。

赞助商

在过去30年,本地建筑公司一直以来都是巴西基础建设项目最大的赞助商,他们大部分都涉及巴西国家石油贪腐案的"洗车行动"(Lava-Jato)。无论如何,目前情况已经有所改善,而巴西也正准备迎来全球新一轮的赞助商,包括法国、中国、日本和加拿大,为该国更多项目和经济增长打开门户。

市场挑战

以外币为本地项目融资方面,巴西会面临一些挑战,对冲成本就是其中之一。另外,部分基础建设专营权的法律框架可能会让投资者陷入困局。缺乏标准化的合约及巴西代理在所有项目中的角色,也对投资者构成巨大挑战。

TMF Group

投资者如有计划进军巴西市场,应寻找一名值得信赖的伙伴,协助其成立和管理一家特殊目的公司(SPV)。 TMF巴西办事处可以满足所有国内和海外投资的需求。当您面临复杂的融资情况,我们拥有专业知识,可以为您在全世界多个国家提供抵押代理服务。另外,我们具备的全球覆盖优势,亦可以处理任何本币或外币的交易。 欢迎联系我们

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