Worldwide: 拉丁美洲资本市场的未来

拉丁美洲2019年的市场前景明朗。投资者正在拉丁美洲许多国家寻求各种的商机。随着担保企业债券、项目融资、银团贷款和双边贷款的跨境交易增加,公司将需要本地专家协助处理这些交易。

巴西

巴西新总统当前的重心是基础建设投资。但是,改善道路、港口和高速公路的费用并不会由政府提供资金。由于政府的资金有限,一般需要长期融资的基建资产,最后将由私人投资者或银行所融资,而且必须是结构性融资。

在新总统的选举之前,许多并购交易都被搁置,特别是在2018年下半年。然而,随着新总统就任以及新经济小组的成立,并购活动无疑会增加。预测显示,资本市场活动的交易额和交易量料大副增加,有可能创下新交易量记录。股市在2019年首几周的交易量也上升,此势头预计会延续至一整年。

拉丁美洲的西班牙裔

许多拉丁美洲的主要国家已结束总统选举,该区域的政策方向看似变得更清晰。除了阿根廷,秘鲁、墨西哥、哥伦比亚和智利的经济增长均在复苏中。尽管如此,经济增长的趋势仍偏低。

秘鲁的增长主要由内需、信贷可获性改善、政府加强打贪所推动。早前因涉及贪污丑闻而被冻结资产的事件逐渐结束,这对越来越多的基建项目发展是个好征兆。

另一方面,高通胀、经济萎缩以及2019年总统选举的不稳定性正增加阿根廷的风险,导致该国面临贷款紧缩的窘境。

基于公共资源有限,绿色能源项目主要由私人企业和多边金融机构融资。该国的目标是减少温室气体的排放。

阿根廷以"公私合营"模式(PPP)开发能源、矿业、运输、通讯、科技、水务、公共卫生、房屋、教育、保健和法律基建,但该模式仍存在问题。

墨西哥的再生能源发展活动也在增加,其中,太阳能和其他清洁能源项目也得到推动。随着该国放眼开放不同的供应市场,以及令现位于美国德州的天然气业务变得多元化,墨西哥将转向投资更多在输电基建。由于私人投资机会多,收费道路也一直是重点项目。玛雅火车项目就是墨西哥具有雄心的计划之一。

在哥伦比亚,我们看见许多优质的资本市场机遇,液化天然气(LNG)的新油管基建需求就是其中之一。,这有助于减缓繁忙道路的工业物流量。此外,农业和机场的投资也有所增加。收费大道计划亦因私人投资而取得成功。

另一方面,智利也非常活跃于能源和基建发展项目,当中有许多项目都是太阳能和风能项目。其他的基建项目,如与矿业资本支出相关的海水淡化设备也得到融资。由于这些项目的资本成本极高,因此这些资金将通过项目融资投资者筹得。投资者越来越被这些国家和项目吸引,显示出该区域为长期经济增长奠定基础。

在拉丁美洲面临的挑战

全球贸易战为拉丁美洲市场带来不稳定性。目前尚不确定涉及墨西哥、中国和美国的贸易战会如何影响拉丁美洲的业务。拉丁美洲资本市场的表现将直接受到全球市场的影响。中国已经在部分拉丁美洲国家成立据点,因当地机遇良多。

基于投资者大多倾向寻求风险较低的市场,因此美国加息则是影响拉丁美洲资本市场的另一个外围因素。随着美国加息,融资成本也随之提高,导致拉丁美洲的发行人面临更高的交易成本。然而,有迹象显示美国今年不会继续加息,这对计划在资本市场融资的拉丁美洲公司而言是个好消息。2019年,美国预计国内生产总值增长为2%,部分拉丁美洲国家料能取得更高的增长,相信能吸引投资者回流。

拉丁美洲商机增加,公司需要托管、信托或抵押代理协议去隔离资产和项目的风险。同时,他们也寻找有能力独立服务供应商,以提供贷款、证券化、托管、项目融资和结构性融资服务。虽然银行也有提供这些服务,但市场却看见与独立和全球服务供应商合作的好处。一个真正的独立供应商能在公司营运的多个司法管辖区提供一对一联络人。

TMF Group 

TMF Group在拉丁美洲拥有 资本市场服务专家。我们是一家独立供应商,能为特殊目的公司(SPV)提供管理服务,以及为全球资本市场提供代理和信托服务。

贷款服务

我们在整个贷款周期期间都能 提供支援 ,包括双边、俱乐部贷款和银团贷款,让客户能更容易和更快地从资本市场获得资金。

托管服务

TMF Group为许多交易和服务提供 托管代理 。我们按照托管协议内的条款,服务及管理受托管资产。

监督代理

在巴西,我们为那些不想对公司进行全面审查却又想了解市场表现和行为的贷款者及公司提供服务。我们能为您的业务需求提供报告和进行测试。

证券化服务

我们提供 广泛的服务,包括管理证券化、担保债券和不同类型资产的结构性融资交易。

项目融资服务

我们通过横跨拉丁美洲而经验丰富的员工管理项目融资,以满足 长期项目融资的需求,并应对相关挑战。

因为标的资产(underlying assets)、抵押、担保配套和跨境因素等,拉丁美洲的资本市场交易复杂。若您的公司需要一名本地专家协助应付这些挑战,TMF Group可以提供援助。欢迎 与我们联系

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