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The Arches Turn Golden

May 1, 2011

Keywords: Repsol Gerdau Grupo Aval Avianca Taca

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 McDonald’s 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 sale.

New York listings are again becoming an option for some of the region’s larger issuers. Though ECM bankers do not expect it to be a big trend, there are others, including Colombia’s Grupo Aval, considering a US listing. Spain’s 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 Repsol’s position in the Argentine oil company...

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