The industry needs a change in the macroeconomic environment.

Investment bank steps in as BNDES stops crowding out; an important first in local-denominated financing of large project puts down marker.

Bracher admits “severe pressure” to reduce spreads; credit portfolios tilting to SME and consumer segments.

International investors blame political uncertainty; locals view sell-off as weakening carry-trade dynamics.

Have the vision. Create the plan. Go and do it.

Recent conversations with bankers and economists in Brazil have been confusing – sometimes it is hard to believe that both groups are talking about the same country.

The blueprint for BNDES is for a development bank that partners with the private sector to facilitate more socially beneficial projects while using less capital. Eliane Lustosa, BNDES director of capital markets, is at the forefront of this challenge.

'Abundant' potential liquidity from international insurance companies and pension funds; with drop in rates, local capital markets financing is now cheaper than BNDES.

Bradesco

Bankers and investors are increasingly confident that the country’s next president will adopt a programme of fiscal reforms, even though no leading candidates are standing on that platform. Why? Because over the past decade, Brazil has become a ‘marketocracy’.

The outlook for both Credit Suisse and Brazil is better than it has been in years, and CEO José Olympio Pereira has his eyes firmly focused on the opportunities coming his way.

Low levels of credit penetration provide huge growth opportunity; other positive factors include sector consolidation and regulatory liberalization.

Pension reform in Brazil is going nowhere.

NYSE too strong a lure for tech companies; Latin America needs ‘IPO catch-up’.

Sharp reduction in Selic boosted 2017 profitability but is a challenge in 2018; ‘soft’ recovery in credit demand might not offset lower margins.

The political opponents of former president Lula look to have ruled him out of the next election, but this risks an even more volatile outcome.

M4 money supply growth could fuel inflation more than higher interest rates lower it, causing a predicament for central bank policy should inflation spike.

Brazilian Development Bank wants to finance more projects with a lower level of disbursements; local capital markets seen as better bet than banks to help BNDES step back.

Euromoney's recent coverage of the macroeconomic, FX, fixed income and equity market trends in Latin America's largest – and crisis-beset – economy.

Bigger footprint should drive revenues as well as earnings

Newly acquisitive Itaú's earnings have been remarkably resilient

The region’s political highlight of 2017 went well.

Lack of regional liquidity cited as reason for NY IPO listings; strong pipeline in Brazil being dominated by more traditional companies.

While growth forecasts for Brazil for 2018 are turning optimistic, a few – a surprisingly small number in fact – are warning about a growing downside risk for next year: a negative hit from a persistent drought.

Macro-economic recovery and falling Selic paint positive outlook; credit growth frustrating the rosy outlook.

Just imagine if it all goes right in Brazil.

A change in the interest rate environment will require a fundamental shift in mind-set from the clients of Brazil’s private banks – are they ready for it and where should they look for returns?

It’s obvious that Brazil’s government needs to reform pensions and get hold of social spending – easy to say, not so easy to do.

GDP and credit growth should offset lower NII; greater efficiencies also sought to preserve strong results.

Bank says rationalization of retail branch networks will boost growth; head of its digital platform hints at wider retail banking services.