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