The equity capital markets pipeline was refilling after a busy March-April window that finished with bangs including Brazilians BB Seguridade raising 11.48 billion reais ($5.74 billion) and Smiles raising 1.13 billion reais – though the market conditions in early June were less than encouraging. The year’s busy start underscores the improvement in conditions compared to the previous two years. Latin issuers raised $19.49 billion from 40 transactions through June 7, compared to $8.52 billion from 35 during the corresponding period in 2012.
Whether the momentum will continue remains to be seen. Many issuers, particularly Mexicans, joined the pipeline in May and June, just as global conditions were becoming uncomfortable.
EM sell-offs shut debt capital market primary issuance in the first half of June, though it was unclear...
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