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
EM sell-offs shut debt capital market primary issuance in
the first half of June, though it was unclear...
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