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20/03/2012 | Latam countries say their local borrowing on rise

Reuters Staff

Uruguay, Colombia and Peru said on Monday that strong tax revenue and economic growth has allowed them to reduce issuance of overseas bond deals and instead borrow more locally.

 

That has reduced their exposure to risks stemming from sharp moves in foreign exchange rates.

Uruguay said its financial needs are covered for this year and next year, but may do deals to manage liabilitlies rather than new cash, said Azucena Arbeleche, director of debt management for Uruguay.

"More than half of our debt is denominated in local currency," she said at an event organized by LatinFinance.

Still, she said the global economy remains volatile.

"We face a situation of extraordinary liquidity. We should be cautious and prepared for financial turbulence," adding that Uruguay has sound fundamentals that make it deserving of upgrades to investment-grade credit ratings.

Maria Fernanda Suarez, director of public credit in Colombia, said the government once though it would borrow up to $3 billion this year, but that right now it only expects to issue $1 billion abroad and even that is under review.

She said prudent economic management and strong investment will help the country to continue to grow, despite a potential slowdown in China.

"We think that Colombia is in this next wave of smaller countries behind those in BRIC," she said referring to the club of big emerging markets that include Brazil, Russia, India and China.

Her peer in Peru, Carlos Linares, said bonds the country issued in January were denominated in soles, showing increasing appetite for local currency bonds.

Peru sold $1.1 billion in global bonds in January, $600 million of which were denominated in the local sol currency that mature in 2031 at a yield of 6.875 percent.

Alejandro Diaz de Leon, director of public credit in Mexico, said there was very little risk the upcoming presidential election would result in a change in economic policy.

"I would say the commitment to prudent macroeconomic policy has been well rooted in Mexico," he said.

Also Brazil, the biggest Latin American economy, said recently that was considering buying back all $15 billion of its foreign debt with maturities up to 2015, in a bid to tame a surge in the local currency, according to Treasury Secretary Arno Augustin. [ID:nL2E8E82MK[

It also has said would ramp up issuance of real-denominated bonds..

Reuters (Estados Unidos)

 


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