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14th June 2016

Key practices for hedging and efficient financial management, an optimistic view on the future of the Colombian economy, and a recommendation to financial executives to always challenge outside advisors were the main takeaways of the Council of the Americas CFO Forum in Bogotá, Colombia, on June 14.
On an introductory note, Carolina España, director representative of the CAF – Development Bank of Latin America, announced the bank’s interest in financing a productive transformation of the region. This implies supporting projects on a wide range of fields, from setting up new, nontraditional productive chains to building infrastructure projects, including smaller secondary and tertiary roads. On larger-scale endeavors, CAF has established a fund to entice pension funds to invest in road concession programs. The bank just closed a $1.4-billion fund to complete financing of fourth-generation concessions in Colombia, España said.
Best Practices on Foreign Exchange Management  
Experience is more valuable than models, said Avianca’s Corporate Financing and Fleet Vice President Diana Calixto. She told the audience how the timely intervention of her team saved the company millions when it shifted its strategy from swaps to options, a move that was not recommended by any of the models used by outside advisors working for Avianca. When faced with major shocks, like the ones we had in recent months, models stop working, she warned.
Calixto recommended maintaining hedges aligned at …

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