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Hi Nate – thanks for that thoughtful review.

Having been around since the late 70s, Bladex has been through several Latin American roller coaster rides. Has this management seen it through most of those? Do you see any evidence of key learnings from past turmoil being applied to the current one?

'Net interest income is suffering because the loan portfolio hasn’t rebounded from management’s voluntary contraction late last year.'

Considering it owes its existence to LA Central banks, to what extent is it allowed to be really autonomous and objective in its financial decisions? Yes, you quoted the example of Venezuela not getting any loans in 2008, but Chavez is a loose cannon even by LA standards :)

Surely those Central banks can't be that well behaved that they actually let Bladex do exactly what it thinks best? [Not that the World Bank and the UN have to kowtow to US bullying, either :) ]

Most of the 'credit-crunched' banks are finding all kinds of devious ways to avoid taking the necessary writeoffs, just as both Japan and China have done before. To what extent did these guys 'come clean' with their own misadventures?

Arguably, BLX should have minimal sovereign/ currency/ interest rate risk, if it really is a free agent, since it can build natural Fx hedges and, presumably, charge each country's applicable interest rates while assured of less volatile funding cost. Also, its central bank connections should make any local financee think at least twice before messing with it :)

Or, am I missing the plot completely???
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