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Brazil to Study Privatisation of Petrobras After Price Snub

LATAM
  • Following the replacement of the Brazilian energy minister earlier this week (ousted after Petrobras ignored government pleas not to raise diesel and fuel prices), new Energy Minister Sachsida has said his new ministry will start studies into the privatisation process for Petrobras, adding that there is urgency in completing the same process with Eletrobras also. Sachsida added that Brazil should be seen as a safe haven for investment and, as such, structural measures and overhauls are needed.
  • In Colombia, today marks the beginning of the debt swap offering with market makers, in which Colombia swaps 2023 TES UVRs, while offering 2025, 2035 TES UVRs as well as 2042 COP bonds.
  • JPMorgan have revised their view on Chilean equities, raising Chilean stocks to overweight from neutral as polling is beginning to show that the new constitution may be rejected – as well as favourable valuations.
  • Elsewhere, JPM take profits on Colombian stocks, switching their view to neutral. This puts JPM overweight Brazil and Chile, neutral on Mexico and Colombia, and underweight on Peru.
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