Where is the finance, page-50

I think not so much sovereign but certainly geo, the banking sector in Brasil has been whipped raw on the falls in commodity prices, no matter how you work your currency down it can never make up for these falls if you are a producer. This IMO does not effect an AVB in any material way as such, only that the lenders will want to be "sure to be sure" with more surety and more numbers I suspect, remember lots of producers will be calling on their banks for additional support and this gives a background noise which speaks caution. But on my read they still have to live and lending with good cover is the only way they can run the banking model, AVB on the numbers looks to me to be a stand out for that syndicated $28m IMHO.

As always DYOR!!!