Jan 1, 2011

Late 2009 and 2010 will be remembered as a period when equity issuance returned to LatAm with mixed results.

A few strong deals stand out, though the dominant theme was missed price targets and sloppy trading, as well as a weighty Petrobras transaction that the Brazilian government loved but investors considered unfavorable.

Selecting a standout from the pool of recurring bookrunners is no easy task. None comes out completely clean, nor can any claim a lion’s share of the best trades in a year that may go down as a tale of two halves.

"In the first half of the year, we were still lacking fund flows into Latin American and EM equity," says Fabio Nazari, head of ECM at BTG Pactual. Investors were shy of allocating funds to small and mid-caps considering expected jumbos from Banco do Brasil and Petrobras in the pipe. Volatility from Europe did not help.

From June, with a streak of equity inflows and better news from global...

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