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Jan 1, 2011

Love it or hate it, there was no avoiding the giant, black, viscous elephant in the room of LatAm equity last year.

Petrobras’ $70 billion raise was the biggest equity sale ever, though some claim that since the true public market portion was "only" about $20 billion, it is merely the LatAm champ.

There may have been less contentious follow-ons, like Banco do Brasil, or others performing better in the after market. Petrobras was great if you were the government, annoying if you were a minority shareholder. But few could question its significance during an election year for a country that is now firmly on the global investor map.

"The stakes had...

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