BBankers may have thought that the market for LatAm equity
issuance was tough in 2010, but it was even rougher in 2011
when international market disturbances exacerbated regional
discord on pricing to cause trouble for everyone, particularly
Deals were put off indefinitely, pulled on the night of
pricing, or priced below their target ranges. Nearly shares
traded down after issues as international investors turned
their backs on the local Brazilian growth stories that had
previously fueled the IPO market.
Continued uncertainty for 2012 loomed in December, with the
European debt situation still unresolved and risk aversion
No ECM shop in the region was immune to these events.
However, some deals were labeled successful in a relative
sense, and Itaú's investment banking unit had a hand in
quite a few of them.
"We expected another record year, and it ended up slightly
different," says Fernando Iunes,...
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