Raising capital through the international and domestic equity markets has proved a tough challenge across Latin America this year. By June 30 some $9.7 billion had been raised — down 55% from the same period in 2011, according to Dealogic.
Signs of activity in June, when three follow-on sales appeared, were squashed in July when investor anxiety put a hold on IPOs and left smaller deals unlikely to find takers.
“Given that the market has been challenging, advisors are likely to be more honest with issuers about the feasibility of each deal. This brings confidence to those deals that do hit the road. Each one needs to be bulletproof,” says Fábio Nazari, head of ECM at BTG Pactual, the bank that led the league tables at the halfway point.
Suzano Papel...
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