Gabriela Giannattasio

What Jumps Out : Central Bank As Expected (sigh) Yesterday (Tuesday) Banco de la República - Colombia cut rates by 50bps to 11.75%, as expected by 99% of analysts. There really isn't too much to add. The accompanying press releases and conference once again pointed to the fact that inflation continues to ease and that allows further easing, however there are a couple of takeaways. Five of the directors voted for a 50bps cut, one for 75bps and another for a full 1% cut. Judging my Ministerio de Hacienda Bonilla's comments it is a fair guess that his was the 1% vote. Following on from Gustavo Petro's comments on Sunday, after the Government's weekend retreat, that measures to reactivate the economy were to be delivered to Congress, Bonilla after the Central Bank's meeting made it clear that if the committee weren't prepared to cut rates faster, the Government would need to raise debt ceilings in order to inject money into the economy. Higher rates are simply a barrier to the economy recovering. "There unanimity in the desire to continue cutting rates, but we have not achieved agreement in the depth needed in order to reactivate the economy" Whilst few anticipated anything except a 50bps cut, it is obvious that with inflation having receded to close to 7% and expected to drop to 5.5% by year end, rates are going to drop a lot more - the latest Fedesarrollo survey anticipates a year end overnight rate 8.25%. However, this causes a dilemma because if consumers know rates are set to fall considerably over the next 7 months - why would they step in now to take out a mortgage or a loan for a car ? Of course there are floating loan rates but psychologically many will be tempted to wait. The next stop is the April inflation data from Departamento Administrativo Nacional de Estadística - DANE Colombia which is due out early next week. regards Roops #Colombia #Inflation #Interestrates #Elniño

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💰 Tackling #inflation and #PublicDebt in a world full of #geopolitical tensions is no small feat! IESE Profs. Pedro Videla & Javier Diaz-Gimenez discuss strategies to navigate these opposing challenges amid global uncertainty. 🌍 Key takeaways: monitor central #banks, consider fiscal adjustments, and keep an eye on private sector contributions. 🔗 More info at: https://lnkd.in/dMQBYqhb

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🔍 Syndicated financing is a strategic option for companies looking to undertake large-scale projects or make significant investments. This type of financing allows collaboration with several financial entities to share the risk and take advantage of more favorable conditions. There are different types of syndicated financing, such as traditional syndicated loans, revolving credit lines, and bridge financing, each adapted to different corporate needs. Moreover, various roles are involved in these operations, including the 'Bookrunner', the 'Mandated Lead Arranger', and the Agent Bank, each with specific responsibilities that ensure the effective structuring and execution of the financing. At BBVA Corporate & Investment Banking, we offer expert advice and customized solutions in syndicated financing. Our team of specialists works to understand the specific needs of each company, ensuring that each operation is efficient and suitable for their strategic objectives. 🔗 Discover the different types of syndicated financing and their advantages and benefits here: https://lnkd.in/dXvka8ND #SyndicatedFinancing #BBVACIB #FinancialSolutions #BusinessExpansion #BBVA

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🍃 Today we present episode number 18 of #BBVAGreenfluencers 👉 https://lnkd.in/gN6w2zdq This time, we talk with Eusebio Garre, Director - Head of Funding for BID Invest. Eusebio tells us about the role that #sustainability plays in the entity's financing policy: “Our involvement is not limited to identifying the right partners or the most attractive projects, but also to ensuring that all projects are structured under environmental, social, and governance standards.” Under the motto "improving lives," they have sustainability, environmental, and social policies to ensure their clients commit to sustainability in all its areas. IDB Invest has been a pioneer in innovative sustainability and social impact bonds, including issuing the first gender bond by a Multilateral Development Bank in Latin America and the Caribbean, among others. Visit our website to watch the full video and discover the foundations of BID Invest’s sustainable policy, along with Iván Poza, Global Head of Financial Institutions & Public Finance, BBVA! #BBVAGREENFLUENCERS #IDBInvest #LatinAmerica #Caribbean #SustainableFinancing #CreatingOpportunities

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#SUERFpolicybrief “Micro and macro data on household wealth, income and expenditure: comparing the Spanish Survey of Household Finances (EFF) to other statistical sources” by Olympia Bover, Laura Crespo, Sandra García Uribe, Marina Gómez-García, Paloma Urcelay and Pilar Velilla (Banco de España)   We assess how magnitudes constructed from the Spanish Survey of #Household #Finances (EFF) micro data compare with magnitudes from alternative sources, including the Financial Accounts of the Spanish Economy (FASE) and other income and #consumptionsurveys. We analyse the main differences among the sources and the main concepts that can be compared. For those conceptually comparable magnitudes, we quantify the degree to which the EFF magnitudes capture those of the other sources used. We document a high degree of conceptual and quantitative comparability. Our results show that aggregate non-financial assets and debts from the EFF are similar to the aggregated magnitudes of other sources, while the comparison for each individual financial asset category varies. For income, the aggregate calculated from the EFF data is close to the aggregates. 📃 https://lnkd.in/gdYNMAwA #Aggregates #MicroData #Wealth #Debt #Income #Expenditures

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What an honor! IDB Invest was awarded as one of the Highly Commended Winners by Treasury Today Group for Best Sustainable Treasury Solution. This award reflects our overall approach (framework, reporting and market positioning) and our innovative track record of issuing sustainable debt in capital markets. The award is due to the amazing work and dedication of the colleagues across IDB Invest, and to the vision and support by our senior management team!   You can watch the announcement at https://lnkd.in/dnSXDZMX.   #treasuryawards #bestinclass #corporatetreasuryawards #IDBInvest #IDBITreasury #CapitalMarkets #SustainableFinance #LocalCurrency #LatinAmerica #Caribbean

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First gender bond in #Bolivia! The first thematic bond by a private bank in Bolivia, BancoSol, the largest microfinance bank in the country, has issued a $30 million-equivalent gender bond. Proceeds will be utilized to finance at least 4,500 women-owned micro and small enterprises in the country. The issuance is a good example of the components of a market’s successful first gender bond. (1) Multilateral development bank support for the first issuance in the market: The bond carries a guarantee of up to 50% of the capital from IDB Invest, which has been active in supporting gender bonds throughout Latin America. DB Invest will also provide advisory services and a bonus to BancoSol for achieving targets on the growth of the women-led enterprises portfolio. The Women Entrepreneurs Finance Initiative (We-Fi), a multilateral partnership for scaling financing to women-owned business, provided support. (2) Providing the building blocks for financing women-owned enterprises, BancoSol previously launched a program to grow its portfolio of women-led enterprises. The gender bond issuance will expand that program. (3) The bank obtained a second-party opinion from Pacific Corporate Sustainability. With framework design support from IDB Invest, the issuance is aligned with the ICMA Social Bond Principles. We publish quarterly updates on the global gender bond market, including growth, AUM, and new issuances. See our latest quarterly analysis at bit.ly/GLIQ. Bolsa Boliviana de Valores AESA RATINGS Moody's Ratings Women Entrepreneurs Finance Initiative (We-Fi) Marisela Alvarenga Veronica Gavilanes Véjar Wendy Teleki Aurica Balmus ImpactAlpha Lucy Ngige #GenderBonds #InvestingInWomen #GenderEquality #WomenOwned #MSMEs #LatinAmerica

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Mobilizing more private capital towards impact investments in #LatinAmerica and the #Caribbean calls for having clear frameworks in place to measure, manage, and report on impact. Without the ability to identify high-impact investment opportunities and demonstrate positive social, environmental, and economic impact, the funds won’t follow. On June 13, from the heart of the #Amazonia in Manaus, join me, Joohee Rand, Rocio Zeballos Alban, Marina Albuquerque for a conversation on this crucial topic. #IDBInvestSustainabilityWeek, #Impactmanagement, #impactinvesting, #SDGs Impact Principles BTG Pactual BlueOrchard Finance Ltd

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Are #ReserveRequirements effective at warding off #FinancialCrises? In a new Bank for International Settlements – BIS working paper, Carlos C., Rocio Gondo and Berenice Martinez assess the evidence. They find that find positive net benefits from using reserve requirements. That is, the fall in industrial production after a tightening in reserve requirements is compensated for by the gains from a lower probability of financial distress. They also find that reserve requirements have a stronger effect in #EmergingMarkets than in #AdvancedEconomies – both in terms of costs and benefits. Finally, uniform reserve requirements have a stronger effect than reserve requirements by maturity or currency. Read more at: https://lnkd.in/eqezwqDe

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IDB Lab and the World Economic Forum announce the launch of the second phase of our Payments to Advance Growth for All (PAGA) Initiative PAGA, unites 100+ stakeholders from public and private sectors to discuss #DigitalPayments in #LatinAmerica and the #Caribbean. Our goals:  ☑️Develop regulatory practices for smoother cross-border payments  ☑️Foster public-private collaboration for #MSMEs inclusion in cross-border trade  ☑️Drive tech innovation and adoption  ☑️Explore digital trade agreements for secure cross-border payments As we kick off PAGA II, we're seeking successful digital payment use cases enabling MSMEs to conduct cross-border transactions. Digital payments are vital in our growing digital economy, and we're dedicated to fostering an environment where innovative solutions thrive. We invite you to submit successful use cases by October 11, 2024 here: https://lnkd.in/eWfNFVG2 Sergio Navajas, Jimena Sotelo, Eric Parrado, Marcelo Cabrol, Irene Arias Hofman, CFA, Inter-American Development Bank, Fernando Campero, Marisela Alvarenga, James P. Scriven, IDB Invest

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📈 Equity Capital Markets (ECM) are essential in the financial landscape because they allow companies to obtain the necessary capital for their growth and expansion through financial institutions. In a context of economic recovery and optimism in the financial markets, primary ECMs emerge as key players in the revitalization of the business sector. At BBVA Corporate & Investment Banking, we understand the importance of these markets and are a benchmark in accessing and executing ECM operations. Based on data analysis, and thanks to the combination of financial product specialists and experts in specific sectors, we offer innovative solutions that enable companies to seize market opportunities. 🔗 Discover more about how #BBVACIB is transforming access to capital markets and helping companies reach their potential here: https://lnkd.in/dmETef-M #CapitalMarkets #ECM #FinancialInnovation #EquityMarket #BBVA

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🌟💡 Innovating Colombia’s Financial Future 💡🌟 🌐 Revolutionizing Colombia’s Financial Landscape: A New Dawn with CSD 🌐 In a groundbreaking move that promises to reshape the financial contours of Colombia, the Banco de la República - Colombia, in collaboration with Montran, has unveiled a new Central Securities Depository (CSD) platform. Marcela Ocampo Executive Manager at Banco de la República - Colombia de Colombia, stated that the new infrastructure would enhance the adoption of international standards and best practices. JOSE ESCOBAR, General Manager of Montran LATAM, expressed enthusiasm about the collaboration. This pivotal development is not just a leap forward but a testament to the power of innovation and strategic partnerships. 🤝💡 Here’s what makes this launch a cornerstone of financial progress: -🌟Enhanced Efficiency: The new CSD platform is set to streamline operations, making transactions smoother and faster. 💼🏃‍♂️ #EfficiencyBoost -🌟Risk Management: With integrated risk management tools, the platform ensures a safer financial environment for all stakeholders. 🛡️🔒 #RiskControl -🌟Transparency: A commitment to transparency is at the heart of the platform, ensuring clarity and trust in every transaction. 🌟📊 #TransparentTrading -🌟Adherence to Standards: The platform aligns with international standards, adopting ISO 20022 messaging and global identifiers like BIC, IBAN, and ISIN codes. 🌍📏 #GlobalStandards -🌟Innovation and Integration: This initiative paves the way for future innovations and seamless integration with the global financial market. 🧠🔗 #InnovateIntegrate Also, Open Banking in Colombia: -🌟Open Banking in Colombia is part of a global movement that allows for the portability of customers’ bank data, aiming to accelerate financial inclusion and improve user experience. 🌐💳 -🌟Colombia’s journey towards open banking began with the Ministry of Finance and Public Credit’s draft decree in October 2021, which was finalized in July 2023. 📜📅 -🌟The decree’s purpose was to promote competition, inclusion, and efficiency in the offering of services, with a focus on payment initiation rather than data access. 🏦🔄 As we celebrate this remarkable milestone, let’s look forward to the myriad of opportunities it opens up for Colombia and the broader LATAM region. The future of finance is here, and it’s brighter than ever. 🎉🌅 #FinancialRevolution #ColombiaAdvances #StrategicInnovation #MontranImpact #CSDLaunch https://lnkd.in/g8sdkZjk

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How can macro-finance drive the fight against climate change in Latin America and the Caribbean?   Read our latest blog, an op-ed by Rodrigo Valdes of the International Monetary Fund, and join our UNESCO Chair webinar next Tuesday to explore the topic further.   💡 https://rb.gy/g9r9r1

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Ecuador Bonds Jump on $4 Billion Loan Agreement With IMF - Latest deal comes amid fiscal, economic and electricity crises - Staff-level accord over four-year loan needs board approval Stephan Küffner and Maria Elena Vizcaino Ecuador bonds led gains among emerging-market peers Thursday after the nation reached a deal with the International Monetary Fund for a four-year loan of about $4 billion. Notes due in 2030 jumped 1.5 cents to 53.2 cents on the dollar, the highest since June 2022 The staff-level agreement, which still requires approval from the IMF board, provides liquidity amid a series of crises weighing on President Daniel Noboa’s short time in office. The deal is designed to help the nation to remain current on its $16 billion in outstanding bonds. A previous $7.5 billion IMF deal that ended in December 2022 allowed the South American nation to move forward with debt restructuring and was the first Ecuador completed successfully in more than two decades. But the country has struggled to rein in public spending and raise oil output. Now Noboa is fighting an internal war on drug gangs and struggling to meet government spending requirements as drought has severely reduced hydroelectric power generation. Still, bonds have returned 60% so far this year as market-friendly Noboa banked on his popularity to raise taxes and pledge to reduce the fiscal deficit. Noboa, 36, was elected to serve out the term of Guillermo Lasso, who dissolved parliament to avoid impeachment in mid-2023, triggering snap elections. His bid for reelection next year received a shot in the arm on Sunday, when voters approved nine of 11 referendum questions related to security. Two economic reform proposals failed to pass. Read more: https://lnkd.in/ea-DwQM7

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A seminar co-hosted by #ISGlobal in Washington D.C. underscored the critical need for strong governance and sustainable financing in pandemic #preparedness. High-profile speakers emphasised the importance of strengthening health systems, ensuring equitable response efforts and enhancing transparency. Key findings included the need for international collaboration, the critical role of the World Bank Pandemic Fund, and the importance of ensuring sustainable financing for low- and middle-income countries. Read more about the outcomes of the seminar and their implications for #GlobalHealth:

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Consumer Finance Scales: Comparing English and Spanish Versions of a National Survey in the United States AFCPE® (Association for Financial Counseling and Planning Education®) Abstract: Financial scales were developed to understand and explain the financial behavior of adults in the United States using data from the 2018 National Financial Capability Study (NFCS) and the Spanish-Language Supplement. The main difference between them is that the Spanish-Language Supplement was composed only of Hispanics who prefer Spanish as their first language. Researchers combined various related questions using factor analysis (principal component analysis) to create the scales for financial anxiety, financial capability, financial readiness, financial self-efficacy, and financial technology. These scales and their corresponding scores allowed researchers to better measure specific concepts related to consumer financial management. Cronbach’s alpha showed scales were reliable and the Kaiser–Meyer–Olkin index confirmed the appropriateness of factor analyses. Except for financial capability, all financial scales using the 2018 NFCS State-by-State Survey were validated using the 2018 NFCS Spanish Supplement.

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