It was meant to be a time of relaxation and celebration. Instead, executives at the Bolivian unit of Spanish power firm Red Electrica spent May Day waiting for the sound of jackboots after President Evo Morales ordered the army to take over the firm’s headquarters.

Weeks earlier, the Argentinean government had unveiled plans to nationalise YPF from Spanish oil firm Repsol. But despite the political unrest, Latin America remains one of the few bright spots on the map for investment bankers.