[note] this weekly roundup is delivered early as I’ll be travelling next Tuesday and unable to send on the normal day.
Important Headlines
📰 China Spends $31.5 Billion to Dominate LATAM’s Electricity
Between 2017 and 2021 China has spent $44.4 billion buying companies in Latin America, 71% of those from the electricity sector. China has filled the void left by European and American companies and investors which have largely abandoned Latin America to invest in other markets.
📰 Even BlackRock is Distancing Itself from ESG
BlackRock is a major reason why ESG is so popular, given how it has forced many of its portfolio companies to submit to ESG and other non-business-related considerations. Even the ESG bully BlackRock is backing off and admitting it was a failed experiment. This means Western companies and investors will be better managed and more able to make investments in Latin America and Africa.
📰 Mexican Industrial Developer Concludes $387 Million IPO in America
Mexican developer VESTA has successfully listed on the NYSE, representing the largest listing of a Mexican company in a decade. Mexico continues to benefit greatly from America decoupling from China and rebuilding its own supply chain.
📰 Medellin to Receive a New $100 Million Mall in 2027
The X-Oriente commercial park will be built in the rapidly growing eastern part of the city. It will have 138 stores.
📰 Paraguay Places $500 Million 10-Year Bond at 5.85%
The country now has debt levels of around 35% of GDP. Mexico, Panama and Colombia have recently issued international debt at between 6.35% and 7.6% for terms of 12 and 11 years. Based on that, Paraguay did a good job.
Reader’s Insights (Podcast)
This week we interviewed Sebastian Garcia, a partner at a Multifamily Private Equity firm based in Bogota, Colombia. During these ~10-minute interviews, we always ask the same three questions:
What is one thing people don't understand correctly about your industry that they should? Why does it matter? [Industry question]
Describe a skill or trait that has aided you throughout your career. How did you discover and foster it, and how has it helped you? [Career question]
How do you stay consistently motivated and hungry to improve yourself and your business? [Philosophy question]
