With so many IPOs failing to attract the large foreign
demand seen in 2006-2007, the $1.25 billion New York debut of
Arcos Dorados gave ECM a shot in the arm. The McDonalds
operator saw 10 times demand, pricing above its $13-$15 range,
at $17 per share. The sale is the first LatAm IPO to price
above target this year. Bank of America Merrill Lynch,
JPMorgan, Morgan Stanley, Itaú and Citi managed the
New York listings are again becoming an option for some of
the regions larger issuers. Though ECM bankers do not
expect it to be a big trend, there are others, including
Colombias Grupo Aval, considering a US listing.
Spains Repsol raised $1.23 billion in March in a New York
secondary sale of YPF shares. The deal came at a 2.3% discount,
and reduces Repsols position in the Argentine oil
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