In first place for a third year running — and for the sixth time in seven years — is Ciro Matuo of Itaú BBA. The São Paulo–based strategist is advising clients to take a defensive stance in light of the possibility that the U.S. Federal Reserve will scale back its quantitative easing program, a move that could adversely affect fund flows into Latin America. Current recommendations include BM&F Bovespa’s 5.5 percent 2020 Eurobonds, given the São Paulo–based exchange operator’s dominant market position; and Marfrig Alimentos’s 9.875 percent 2017 instruments, on the strength of the São Paulo–based food processor’s improved credit profile, among other considerations. Matuo, 40, “is very decisive in making his credit calls,” applauds one buy-side supporter. Another praises the strategist’s “very complete database” of primary and secondary market corporate debt issues. — Carolyn Koo |
Economics & Strategy – Corporate Debt: First
